Buying a home is a life changing decision. Wouldn't it be great if there was someone to advise you on the tax implications of living in your new abode? This topic is usually avoided by the buyer who is usually more concerned with other aspects of home buying. Location, schools, purchase price, proximity to commercial areas, neighborhood ambience while property taxes, insurance and Homeowners Association (HOA) fees, not so much.The city of Weston is an example of an upper class market with ever increasing property values and property taxes to boot. This choice city for many locals and foreigners alike has become Broward County's version of Miami Dade's city of Doral. Weston has lately been advertised as a "hot" real estate market in the news. It's truly a very nice city to live in and pleasant to visit but buyer be wary: all that shines may not be gold.
The problem with running to purchase a house in Weston and other cities like it are the high cost that come with living in choice locations. A "hot" real estate market can only mean higher prices and with it higher property taxes. They go hand in hand and while it's a lucrative phenomenon for realtors and local government coffers, the buyers will be left with remorse once the tax bill shows up in their mailbox.
A homebuyer in Weston will pay significantly more for a house than an equivalent house in Homestead. Weston's aspirational market where homebuyers feel "they have arrived" is perhaps why so many are ready to pay so much more.
Homestead is more of a value market. First time buyers, the middle class, and retirees who can afford to live in the city for a very long time without property taxes skyrocketing year to year. The causal relationship between property values and property taxes is a product of our tax system as is the property value with homeowners insurance, both of which should be emphasized more often during home purchases. Unfortunately the information is not appealing to the festive mood of home buying and counterintuitive to selling by the real estate agents. Realtors will say: Location, Location, Location. How about also saying: Taxes, Taxes, Taxes.
Reference Link:
