Property Taxes and Homestead Exemption
Current owner property taxes are included in each report. Please understand that taxes are reassessed upon sale to reflect current tax value. If the reported property tax reflects what an owner pays with a HOMESTEAD EXEMPTION, the tax amount a new buyer will pay might change dramatically. For more info on property taxes, you can visit the county property appraiser’s web site.
- Charlotte County Property Appraiser
- Sarasota County Property Appraiser
- Manatee County Property Appraiser
An excellent explanation of the Florida Homestead Exemption can be found on the Charlotte County Property Appraiser site: https://www.ccappraiser.com/exemption.asp#What
For local information, contact the county property appraiser in which your home is located.
Pre-Qualify. VERY IMPORTANT! Speak with a mortgage banker prior to shopping for a home. This will give you an exact number, a mortgage amount that your income will justify. You will also be armed with a “Pre-Qual” letter from the banker which will give you a much stronger negotiating position.
Be prepared with documents. Buyers should be ready for a stringent review by lenders underwriting mortgages. Borrowers’ must prove their ability to repay the mortgage. Borrowers should be prepared to show bank statements, tax returns, W-2s, investment accounts and documentation of any other assets they own. They must explain any large or unusual deposits to their bank accounts. If a borrower can’t document all funds there is potential to delay closing or even squash a deal. Borrowers must show a trail of all funds, even a gift from relatives.
Lock in a rate soon. A rate lock is usually good for 30 – 60 days, although this can vary by mortgage company.
Shop around. Mortgage companies rates and closing costs can vary greatly. Get several quotes and ask for it in writing.
Guard your credit. The best mortgage rates are awarded to borrowers with credit scores of 720 or higher. Between 680 – 720 a borrower will probably qualify for a loan, but interest rate and costs will be higher. It is more difficult to qualify with a Beacon Score under 680.
Watch your spending. After qualifying for a loan, do not make major purchases before closing. Lenders carefully scrutinize debt obligations, such as credit cards and student loans. Borrowers are advised to keep their monthly debt obligations, including mortgage and property taxes, to below 43 percent of their income.
More on Short Sales:
If you are interested in a property that is listed as a short sale (behind in mortgage payments, pre-foreclosure, code words: Listing Price may or may not be sufficient to cover all encumbrances, closing cost, or other seller charges and sale of Property at full listing price may be conditioned upon approval of third parties), please be aware that the seller must obtain approval from his bank to sell the property.
Negotiating with a bank can be quite complicated and requires a great deal of patience. Often there are additional expenses involved such as tax implications. The seller negotiates with the bank and you will be notified if they have come to an agreement. That usually takes more than one month and it can take over four months.