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City of Aventura: No Tax Rate Increase?

Aventura approves budget that keeps tax rate steadyAventura City Hall

According to Jared Goyette in his recent Miami Herald article, the Aventura City Commission gave final approval to a $49.9 million budget for the 2009-2010 fiscal year that keeps the tax rate steady and cuts spending by 12%.   Officials say that the funding cuts will not result in a reduction of services, programs or employees because the city was able to reduce spending on capital improvement projects by approximately 67%.  This was accomplished mainly due to the fact that many projects that were still under contruction last year have already been completed.

Aventura’s tax rate of $1.73 per $1,000 of assessed property value will be the same as last year’s rate.  The city now has the lowest tax rate of any municipality in Miami-Dade County.

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com

Written by Michael Solovay | Discussion: No Comments »

Is It True That Sales Are Up And Inventories Are Down?

Broward and Miami-Dade County Residential Inventories Continue To Decline During July

Broward County InventoryMiami-Dade County Inventory

According to data from the Multiple Listing Service (MLS) , Broward and Miami-Dade residential inventories continued to decline during July 2009.

Inventories dropped from 74,966 total homes and condos for sale in July 2008, to 49,058 in July 2009, a 35% decrease in just 12 months.  During that same time frame, sales increased 47% from an average of 2,518 sales per month to 3,707 sales per month.  The inventory supply across both counties decreased from 30 months last year to 13 months today.

According to Ron Shuffield, President, EWM Realtors , “decreasing prices have been the prime motivator for our spike in sales this past year.  If you’re selling, now is the time to make sure that your property is priced accurately.  If you’re buying, your choices will continue to decrease throughout the remainder of 2009.”

You can check-out Facts & Trends reports at www.ewm.com/trendx to see the numbers for your area and price range or ask me to expand your search using our complete data file. Deals are happening!

Contact me for information for your area at (305) 329-4929 or solovay.m@ewm.com

Written by Michael Solovay | Discussion: No Comments »

Real Estate Taxes: What Is Portability?

Portability or Transfer of Homestead Assessment DifferenceReal Estate Tax

Homesteaded property owners can transfer their Homestead Assessment Difference (up to $500,000) to a new homestead property within two years of abandoning their previous homestead. If the market value of the new homestead is more than the previous home’s market value, the entire homestead assessment difference can be transferred up to $500,000. If the new homestead has a lower market value, the amount of the accumulated benefit that may be transferred is proportional to the value of the new homestead property.

Calculating Your Real Estate TaxesYou can estimate the real estate tax on your new property by going to the Miami-Dade County Tax Collector’s website.

How do I obtain a Homstead Exemption on my property?

If you purchase a home after January 1st, you may inherit the previous owner’s Homestead Exemption and assessment limitation for that year. The following year, however, the homestead exemption and assessment limitation will be removed resulting in a higher assessed value. If this property is your permanent residence to the exclusion of all others, you will have to file an original exemption application by March 1st. For additional information on deadlines and application forms, please contact the Property Appraisal Department at (786) 331-5321.

Obtaining a Homestead Exemption will qualify you for 2 tax benefits:

  1. A reduction of $50,000 off your assessed value.
  2. Beginning in the 2nd year, your assessed value will not increase more than 3% regardless of the increase in the property’s market value.

For more information contact me at solovay.m@ewm.com

Written by Michael Solovay | Discussion: 2 Comments »

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