Quote:
Originally Posted by Derek Sutton
I think that is a yes.
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Yes, it is.
Non residents are ineligible for the 50k homestead exemption. So on a 100k condo a permanent resident pays tax on a 50k assessed value and a snowbird/investor pays tax on a 100k assessed value.
Also, mill rates are higher because many homeowners are paying tax on lower values. (They still raise the same amount of tax in $, but a larger percentage of it comes from non-residents)
Also, there's a 3% assessment increase cap for residents, whereas non-resident assessment increases are capped at either 10% or not at in. (I believe this varies by county). This also increases the percentage of total taxes paid by non-residents, as some long time homeowners are paying taxes on very low old assessments.
This increasing assessment will be even a bigger deal if prices increase in the future (and why would you buy if you didn't think that would happen). That's because homeowners will have their assessments permanently pegged to "great crash of 2008" levels +3per cent, whereas properties owned by investors will have their assessments bounce back.
Anyway, that's a long way of saying, yes, property taxes are higher for non resident investors than they are for homeowners. (That's not to say it couldn't be a good investment, just consider it, so not trying to thread cap here)
Edited to add: Don't feel too bad about a bit of a thread cap, since this is in off-topic (so fair game for discussion, imo) not power ring.