real estate law

2022 Broward County TRIM (proposed real estate tax) Notices and Appeals

Posted on by khaniauerbach

Beginning mid-August, the Broward County Property Appraiser’s Office (BCPA) has been mailing out their annual TRIM (proposed tax) Notices.  The proposed property tax notice will show your “proposed” 2022 property assessment, exemptions and the proposed taxes along with dates and times for the various taxing authorities’ public budget hearings. Take note that the TRIM Notice is your opportunity to review your property assessment and ensure you are receiving all the tax-saving exemptions you are entitled to. If you have any questions about the TRIM Notice, you can contact BCPA directly, should you have any questions. The most important thing to note is that if you wish to apply for any 2022 exemption or to appeal your property assessment.

PLEASE NOTE: the  Petition Filing Deadline is September 19, 2022

The first thing to know is your taxes are calculated using this formula:

TAXABLE VALUE x TAX MILLAGE RATES + SPECIAL ASSESSMENTS = TAX BILL

The Property Appraiser determines the market and assessed/Save Our Homes value of your property. Your tax rates and non-ad valorem fees are set by the various taxing authorities (school board, county commission, city commission, hospital district board, water management district, and so on) listed on your TRIM Notice. If you want to question your proposed tax rates, non-ad valorem fees, special assessments or services, you should contact the elected officials who serve on the taxing authorities and attend the public hearings in September 2022.

Important: The Property Appraiser does not set your tax rates or collect your taxes. Your tax rates are set by the city & county commissions, school board, and other taxing authorities. Additionally, any PACE (Property Assessed Clean Energy) assessments are not included on the TRIM Notice but will appear on the November tax bill sent by the Broward County Tax Collector.

Typical question from property owners:  Why Are My Property Taxes Higher than the Prior Owner’s Last Year?  Florida law requires property be reassessed at market value as of January 1 the year following a change in ownership and/or the year the property receives/loses the Homestead Exemption. After this reset in value occurs, the property will be protected by an assessment cap starting the following year. For Homesteaded property, the Assessed/Save Our Homes (SOH) Value can increase by no more than 3% above last year’s Assessed/SOH Value (or the consumer price index, whichever is less), regardless of the increase in just value. For non-Homesteaded property, the assessed value can increase by no more than 10% above last year’s assessed value. The 10% cap does not apply to the School Board taxes.

Many property owners ignore their TRIM Notice until it is too late to appeal an assessment, question the proposed tax rates, or file for exemptions. If you wait until you receive your tax bill in November to inquire about your assessment, you will lose your right to appeal. If you are a residential or commercial real estate owner, you may have grounds for an appeal.  For example, construction that has been lingering or is expected to take a while to complete may be a great way to get a reduction.  If you feel that you may be entitled to pursue a reduction of real estate taxes, call us and find out what you can do to appeal those valuations and get the reduction you are entitled to.

Petition Filing Deadline is September 19, 2022

HELPFUL CONTACT INFORMATION AT BCPA:

Should you believe that you are entitled to a reassessment for any reason whatsoever, reach out to Khani & Auerbach and we can assist you. Remember the deadline is September 19, 2022

And always remember, at Khani & Auerbach, we take the stress out of getting a new address.

Residential Real Estate and Portability (FILING DEADLINES EXTENDED)

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Portability (FILING DEADLINES EXTENDED)

Portability allows eligible property owners to pay less property taxes at their newly homesteaded property by transferring all or a portion of the Save Our Homes (SOH) savings from one Florida property to another Florida property, within a strict time frame allowed by law. If you qualify, Portability allows for a reduction on your property’s assessed value, resulting in tax savings this year and possible tax savings in future years, depending upon the market value of your home each year.

Portability applies to both upsizing and downsizing in property value, based upon specified formulas. The intent of Portability is to encourage Florida homeowners to stay within the State.  Portability may be used an unlimited number of times and may be used for moves to anywhere within Florida. Portability does not require you to sell your previous home, but merely that the Homestead at your prior property be fully abandoned.

Most homeowners will have already applied for Portability when completing their Homestead Exemption application. Portability is only reflected on our website’s property record page the first year for which it is approved.

Effective tax year 2021, a property owner who applied and was approved for Homestead Exemption for 2021 is eligible to apply for Portability if the property owner held a Homestead Exemption at a previous Florida home in one of the three previous tax years. Example: if you established a new Homestead in tax year 2021, you must have held Homestead at your prior residence in tax year 2020, 2019, or 2018 in order to take advantage of potential Portability savings.

PLEASE NOTE: Homesteads established in tax years 2008 through 2020 are eligible for Portability if the property owner held Homestead Exemption on a property in the previous two tax years (the law was changed in 2021 to allow three years before any Portability savings expired). Example: you established Homestead on your property in 2014 but forgot to file for Portability, you may be eligible if you held a previous Homestead at another Florida property in tax year 2013 or 2012.

You can apply this year by completing the Transfer of Assessment Difference Form found on the Broward County Property Appraiser’s website https://web.bcpa.net/bcpaclient/#/Download-Forms by the September 19, 2022 exemption filing deadline. If you have any questions, please contact the BCPA Customer Service Department at 954-357-6830 or by email at Portability@bcpa.net

 

Getting Ready to Buy a Home? Be Prepared and Make a Budget!

Posted on by khaniauerbach

Are you getting ready to buy a home? Thinking about buying one? Some of the things you may want to think about are the costs associated with purchasing a home, as there are many costs to consider in addition to your down payment. When buying a home, here a few things to think about.

Down Payment – Definitely the largest expense as part of the loan closing process, but large deposits are not necessarily needed to qualify for a mortgage.  Some borrowers can qualify for a mortgage with as little as 3% down. Additionally, there are various first-time homebuyer programs that offer funds toward a home purchase.  Examples are programs offered by local governments and mortgage companies that can assist with closing costs, down payments and more.

Appraisal – Traditional mortgage companies currently require that an appraisal be purchased.  This is an “upfront” cost that will typically be paid BEFORE the closing.

Property Insurance – Property insurance coverage is typically required to be bound and paid for one full year at the time of closing. The buyer has the right to shop for property insurance using their own carrier and should get quotes and price out policies.

Title and closing costs – There are several fees related to the title and insuring your home. Typical fees include: title search, title settlement, title insurance binder, and title insurance.  While our closings are conducted by an attorney, our office does not charge an extra attorney’s fee.  #MoreBangForYourBuck

Home inspection – While not a “requirement,” it is definitely a cost you should plan for.  Think about it…this will probably be the largest financial purchase you will make in your lifetime and you want to know everything about the house before you get too far into the process. It’s no different than that camera you spend hours researching and researching until you find the right one.  The same goes for home inspections, you should be aware of everything this house has to offer or conversely, what may be wrong with the property. A typical inspection doesn’t usually exceed $500, but the information you get from the inspection is priceless. It’s best to get a list of issues or potential issues before you decide to go through with the deal. Depending on the terms of the Real Estate Contract, you are typically afforded a few days to conduct an inspection and if you are dissatisfied for any reason, you may be able to walk away before the expiration of the inspection period and get your good faith deposit returned.

Private Mortgage Insurance – If you are unable to come up with a minimum of 20 percent down on the purchase, you may be required to purchase mortgage insurance (PMI).  PMI increases your monthly payment, depending on what type of mortgage you have arranged.

Realtor Commissions – If you’re using a real estate agent, you may or may not have a commission to deal with. Sellers often pay the commission, but in some cases, there are fees associated with the realtor that come from the Buyer. Before signing the contract, make certain that you know and understand the commission structure. Most real estate transactions have a commission of 6%.  If there are two agents, the commission gets split at around 3% for each agent.

Lender-based Origination, Underwriting, and Application Fees – An origination fee is paid to the bank or lender for their services in processing and putting the loan together. Other fees may include: underwriting fee, application fee, and a credit report fee.

Khani & Auerbach is committed to educating the public about various topics in real estate.  For more information, or if you have any real estate transaction needs, please do not hesitate to contact us.

Protect Your Investment and Protect Your Credit

Posted on by khaniauerbach

Recently, the National Association of Relators (NAR) has put together some really helpful information for homeowners who may be experiencing difficulties during this unusual time in all of our lives.  For your convenience, we have made these materials available in this post.  Please note, while the materials note that a “Realtor” can help, just replace the word “Realtor” with “Khani & Auerbach”.  We are here for you and can help guide you.

Keep in mind, if you are presented with documents from your lender, pause before you sign.  We highly recommend that you have a real estate attorney review those documents for you to ensure that you understand what you are signing.  There have been some cases where lenders have prepared docs for borrowers that completely create a new mortgage.  This has been happening with some lenders and has caused a number of problems for homeowners, especially those wishing to sell their homes.

  1. Protect Your Investment helps homeowners who are struggling to meet their loan obligations due to COVID-19.  The guide offers advice about working with trusted professionals like REALTORS® and housing counselors at HUD-approved agencies. The guide also provides information about payment options offered by lenders and tips for avoiding scams.
  2. Protect Your Credit explains the provisions implemented by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to protect consumers’ credit scores. The guide outlines consumers’ rights under the CARES Act, explains how to obtain a free credit report, and offers guidance on how to dispute inaccurate credit information.

Protect Your Investment Booklet

Protect Your Credit Booklet

If you have been keeping your eye on the rates, you may have also noticed that the rates are ridiculously low.  If you are currently in a property that has equity and you need the funds, now is a great time to refinance your property and take out that equity for immediate use or save for a rainy day.

At Khani & Auerbach, we are here to help you through these difficult times and will always be here for you.

 

2019 Florida Property Tax Payment Deadline Extended to April 15

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MESSAGE FROM THE BROWARD COUNTY PROPERTY APPRAISER: MARTY KIAR

Marty Kiar

During these difficult and  unprecedented times, BCPA is still working to assist property owners with filing for exemptions and answering property related questions. Advances in technology have allowed our staff to continue to provide service to the public while maintaining a safe distance from others. BCPA staff continues to process deeds, permits and property reviews while minimizing unnecessary health and safety risks to our staff, families and community at large.

All communication with our office can be handled electronically via our website, email, fax or phone. You can easily apply for Homestead Exemption online at www.bcpa.net If you need assistance filling out any exemption application or have questions, you may call our office at (954)357-5579 and we can help fill out your exemption application with you on the phone and then mail the application to you with a self-addressed return envelope for you to complete and sign. Additional exemption information can be found on our website at www.bcpa.net If you are unable to find the information you are looking for or need additional assistance, you can email me directly at martykiar@bcpa.net

2019 Property Tax Payment Deadline Extended to April 15

While the Property Appraiser’s Office does not handle the billing or collecting of property taxes, the Florida Department of Revenue has issued a payment extension for the collection of the 2019 property taxes. On March 16, the governor directed the Florida Department of Revenue to extend the payment due date from March 31 to April 15, 2020 to assist those adversely affected by COVID-19.

Broward County’s Records, Taxes and Treasury Division is responsible for the billing and collecting of property taxes and has posted this information on their website at https://www.broward.org/RecordsTaxesTreasury/Pages/Default.aspx Should you have any questions regarding the payment of property taxes, their office can be reached at (954)831-4000.

Take care,

Marty Kiar
Broward County Property Appraiser

DO NOT FEAR, REMOTE ONLINE NOTARIZATION IS HERE!

Posted on by khaniauerbach

Remote Online Closing GraphicIt’s two days before closing simultaneous real estate transactions. You’re finally moving up from that townhouse into a single-family home. You travel all over the world for work and now, you’re in Budapest finishing up a project, when you find out that, due to the Novel Coronavirus (COVID-19), International travel has been suspended. You cannot possibly make it to an embassy to get the docs properly executed in time because the Embassies are all open for urgent matters only. If you don’t complete the transactions, you will lose a deposit of $30,000. What do you do?

On January 1, 2020, Florida’s legislation on using audio/visual technology to notarize documents became effective. This is very useful legislation that provides notary execution alternatives, allowing buyers and sellers to have their signatures notarized wherever they are in the world.

The Florida Statues now permit specially licensed Remote Online Notaries “RON”s, to use audio/visual technology to notarize documents. This is a process where the signer/consumer is no longer required to be “physically present” before the Notary in order to properly execute and notarize a document. This new alternative to getting docs executed allows them to be signed and notarized, digitally, all without requiring the Consumer and Notary being physically present in the same room. This new alternative provides incredible options for Consumers who are international or out-of-state.

So, here you are, thousands of miles away from Florida and you need to get this transaction closed or you will lose $30k. Find a Remote Online Notary and your problems will be solved! But, you’re not sure what that even means or how to even find a RON. As the title implies, do not fear…both partners at Khani & Auerbach are now Remote Online Notaries!

Just like any process that is governed by legislation, there are rules the RON must follow:

(1) The RON must be physically in Florida but signers, referred to as “consumers” or “principals” or any witness to a principal may be anywhere in the world;

(2) The RON must record the audio-video conference using real-time, two-way communication by electronic means where participants are able to see, hear, and communicate with one another;

(3) At the commencement of the recording, the RON must clearly advise the Consumer/Principal that the RON will be notarizing;

(4) Provide a description or identification of the records to be signed;

(5) Ask where the Consumer/Principal is currently located? If the Consumer/Principal is not in Florida, confirm that they want the notarization performed by a Florida Notary and under Florida law;

(6) Confirm the Consumer/Principal’s’ identity by either: attesting to personally knowing the signer; or from the signer: (i) remotely presenting a government issued ID and confirming their identity; and (ii) passing a “credential analysis” (where a third party verifies the government-issued ID’s validity); and (iii) passing an “identity proofing” (where a third party verifies the signer’s identity through questions or via biometric verification); and

(7) Obtain a declaration from the signer that their signature is knowingly and voluntarily made.

Consumer/Principal’s Identity Verification:

If the Consumer/Principal is not personally known to the RON, the Consumer/Principal must go through what’s called Knowledge Based Authentication (KBA), a process very similar to that of financial institutions used to verify a consumer’s identity. The questions are drawn from various data bases, including your individual credit and public information collected about you from the internet. The Consumer/Principal is provided with five questions, drawn from both public and/or proprietary data sources, and must, within two minutes, correctly respond to four out of five questions.

Each of the five questions provide five possible answer choices per question. If the Consumer/Principal fails to respond correctly to 80% of the questions, then the Consumer/Principal will be offered one more additional  opportunities to complete another set of KBA questions and during that attempt, the Consumer/Principal is limited to being asked with more than three (3) questions from the prior attempt.  Should both attempts fail, there is a 24-hour waiting period in which you must wait before you able to get another opportunity to go through the identity verification process.

Once the government issued identification and identity verification have been confirmed, you will connect via audio/video with the RON. The RON will probably ask the following questions before the signing, Who is in the room with you? Are you under the influence of any drug or alcohol today that impair your ability to make decisions? Do you have any physical or mental condition or long-term disability that impairs your ability to make decisions?

You might be wondering what to do if a document requires witnesses. There are a few options. The witness can either be physically present with the Consumer/Principal or can also be present using the audio-video technology (in other words, be in the room with the RON). If the witness is not present with the Consumer/Principal then, (1) the RON must verify the witness’ identity; (2) the witness must hear the Consumer/Principal say “I have signed the electronic record”; (3) the witness must verbally confirm they are a “resident of and currently physically located in the US or its territory.”

After all the formalities of signing have been complete, the RON will then use an electronic notary seal, identifying the RON as an “online notary.”  All the documents where the RON has acknowledged and signed will contain an electronic notary stamp, similar to that which you may be familiar with.    The notary process will then be complete.

The RON will then be able to provide electronic copies of the given series of related electronic records, if requested by: (a) A party to the electronic record, or (b) In real estate transactions, the title agent, settlement agent, or title insurer who insured the electronic record or engaged the online notary public with regard to such transaction.

BEFORE you can take advantage of the RON process, you must ensure that you meet all the system requirements.  The checklist below explains what you need to optimize your experience during the scheduled RON eClosing.

(1) Login information and 6-digit PIN: The RON will send you an invitation which will include a link to create your profile and the PIN.

(2) Valid Identification: You will need to have a valid state-issued ID, Driver’s License, or government-issued passport.

(3) Smartphone with both text message and camera capabilities: During the process, you will be required to take a picture of your ID (in Landscape mode) during the RON eClosing session.

(4) Computer/Laptop with working camera, microphone, and speakers: Cell phones and tablets (such as iPads) are NOT COMPATIBLE with RON.  Hybrid tablets (like a Microsoft Surface Pro) are the exception and are compatible when using Google Chrome.

(5) Latest version of a compatible web browser and Windows 8.1 or higher: While Google Chrome, Mozilla Firefox and Microsoft Internet Explorer are all compatible, we are finding that Google Chrome works best.

(6) Strong, uninterrupted internet connection with minimum 15 MBPS download/upload speed for an optimal experience: The most important aspect of this process is having a strong internet connection.  If the process gets interrupted at any point, the identity verification process will have to restart from the beginning.  FIND THE BEST INTERNET CONNECTION!

Remember, when you purchase, refinance, sell, or obtain a home equity loan/line on a home, signing the closing documents is one of the FINAL steps in the transaction.  Traditional closings have required in person, wet signing of large amounts of paper documents.  With Remote Online Notarization, we can now “meet” online to electronically sign and notarize your closing documents.

At Khani & Auerbach, we are dedicated to providing as much information to assist you in becoming a home buyer. Please be sure to follow us on Facebook, Twitter, Instagram and LinkedIn and for additional useful information.

 

 

Florida Expands Documentary Stamp Tax Newlywed Exemption to All Married Persons

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Florida Expands Documentary Stamp Tax Newlywed Exemption to All Married Persons

QUICK RUNDOWN: On July 1, 2018, the documentary stamp tax statute amendments became effective.  This amendment created a new exemption from documentary stamp taxes for certain instruments (i.e., deeds) that transfer encumbered (a/k/a properties with mortgages) homestead property between newlywed spouses within the first year of marriage. Governor Ron DeSantis subsequently signed into law House Bill 7123, further amending Florida’s documentary stamp tax statute. The item signed by DeSantis becomes effective July 1, 2019 and allows for expansion of the 2018’s “newlywed exemption” to apply to all married persons.  The expanded exemption (doc stamp exemption for all married persons) takes effect on July 1, 2019.

Background

Florida imposes a documentary stamp tax on deeds and other documents that transfer an interest in Florida real property. Section 201.02 of the Florida Statutes governs certain transfers or conveyances that are subject to documentary stamp taxes.

In general, documentary stamp taxes are:

  • Determined based on the consideration given for the transfer. For example, with the exception of Miami-Dade County, documentary stamps in Florida are taxable at a rate of $0.70 for every $100 of consideration ( 201.02(1)(a), Fla. Stat.).
  • Paid to:
    • the clerk of the court if the document evidencing the transfer of title is recorded; or
    • the Florida Department of Revenue, if the document is not recorded.

Consideration may include:

  • The amount paid for the property.
  • The discharge of an obligation (for example, payment of a demand note).
  • The unpaid balance of an underlying mortgage encumbering the property at the time of the transfer.

Section 201.02 of the Florida Statutes also includes limited exemptions from documentary stamp taxes. For example, no tax is due on a deed between spouses or former spouses transferring an interest in their marital home incidental to divorce (§ 201.02(7)(a), Fla. Stat.).

Newlywed Exemption

The 2018 Amendment created a new exemption for transfers of encumbered homestead property (or any interest in the property) between newlywed spouses within the first year of marriage.

Under Section 201.02(7)(b) of the 2018 Amendment, a deed between spouses is not subject to documentary stamp taxes if:

  • The transferred real property is homestead property.
  • The only consideration for the transfer is the balance of an underlying mortgage or other lien encumbering the homestead property.
  • The deed is recorded within one year after the date of marriage.

The exemption applies to transfers or conveyances from:

  • One spouse to the other spouse.
  • One spouse to both spouses.
  • Both spouses to one spouse.

(§ 201.02(7)(b), Fla. Stat.; see Florida Department of Revenue, Florida Documentary Stamp Tax.)

The 2018 Amendment does not affect the exemption for transfers of a marital home between spouses or former spouses incidental to divorce (§ 201.02(7)(a), Fla. Stat.).

Removal of Limitation

The great news here is that this 2019 Amendment removed the requirement that the deed be recorded within one year after the date of marriage, expanding the documentary stamp tax exemption to all married persons. This means that the limitations for the deed to be recorded within one year after the date of marriage NO LONGER APPLIES and the deed between spouses is not subject to documentary stamp tax if:

  • The transferred real property is homestead property; and
  • The only consideration for the transfer is the balance of an underlying mortgage or other lien encumbering the homestead property.

The 2019 Amendment did not change any of the other requirements to qualify for the exemption.

What does this all mean?

This 2019 Amendment provides the added benefit to homestead property under Florida law, providing married couples as much time as they need to plan and coordinate transfers of homestead property among themselves.

Despite the new exemption, the 2019 Amendment does not provide relief to spouses (newlywed or otherwise) seeking to transfer encumbered (mortgaged) homestead property to another form of ownership (for example, a revocable trust). Be sure to speak with a Real Estate attorney to discuss the advantages and disadvantages of transferring homestead property in advance of a couple’s marriage to avoid inadvertently compromising any benefits allowed under Florida law.

At Khani & Auerbach, we are dedicated to providing as much information to assist you in becoming an educated homeowner. Please be sure to follow us on Facebook, Twitter, Instagram, and LinkedIn for additional useful information.  Please call if you need additional information, we are happy to help!

 

Exemptions for Florida (Broward) Residential Real Estate 2019

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It is time to, “File Now for the 2019 Senior Exemption”

Property owners who are 65 years or older may qualify for an additional exemption on their Homesteaded property. This additional exemption – which applies only to the county’s portion of the taxes and city taxes for residents of cities that have adopted this exemption – saves the average Broward senior nearly $300 each year in taxes.

To qualify for this valuable tax-saving exemption, an applicant must be 65 or older as of January 1, 2019 AND have a combined HOUSEHOLD adjusted gross income for 2018 not exceeding $30,174. If you believe you qualify for this exemption, please click on this link for steps to ensure proper filing:
http://www.bcpa.net/senior_instructions.asp

Residents who received the Additional Senior Exemption in 2018 will receive a renewal card in the mail. If you still meet the income requirement, simply sign the renewal card and return it to The Property Appraiser’s office by May 1 so they can ensure you receive this exemption for 2019. Take comfort that there is no personal information listed on the renewal postcard. For questions regarding property tax exemptions, please call (954)357-6830.

2019 Homestead Exemption/Save Our Homes Cap Set by the State

The Florida Department of Revenue has set the 2019 Save Our Homes cap at 1.9%. This cap limits increases to the Assessed/Save Our Homes Value for properties receiving Homestead Exemption to no more than 3% per year or the increase in the Consumer Price Index (CPI) regardless of increases to the just value of the property. This cap results in considerable savings over time for properties with Homestead Exemption. It is important to remember this is not a cap on the actual taxes, but rather a cap on the assessed value of the property.

Important: The Save Our Homes cap begins the year after you receive Homestead Exemption and automatically renews each year. This cap does not cover new construction or construction that was not taxed before the “Save Our Homes” limit applied to a particular property.

Many owners will face a significant increase in property taxes when they purchase a property as the previous owners’ exemptions will be removed and the Save Our Homes (SOH) value reset. Florida law requires the SOH value be brought up to the just value of the property when Homestead Exemption is added or removed from the property. For this reason, The Property Appraiser’s Office offers a New Homebuyer’s Tax Estimator on their website at www.bcpa.net This estimator allows prospective buyers the ability to plan ahead when purchasing a new home.  This is an excellent tool for people who are unfamiliar with the Homebuying process.

The absolute filing deadline for any 2019 exemption is September 18, 2019.

At Khani & Auerbach, we are dedicated to providing as much information to assist you with your real estate needs. Please be sure to follow us on Facebook, Twitter, Instagram, and LinkedIn for additional useful information.

2108 Property Tax Bills Are in the Mail

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houseWhile Khani & Auerbach practices real estate law beyond the tri-county area, we thought it might be beneficial for us to share this very useful information we received from the Broward County Property Appraiser’s office for our Broward County clients.  We hope you find the information beneficial.

Broward County Mails the 2018 Property Tax Bills

The Broward County Tax Collector’s Office recently mailed the 2018 tax bills to all property owners. While the Broward County Property Appraiser’s office does not set or collect these taxes, they wanted to share important information about the payment options available to property owners. If you have any questions about your tax bill or payment, please contact the Tax Collector’s office directly at (954)831-4000. Tax bills are also available to view, print, and pay online at https://broward.county-taxes.com starting November 1. For taxpayers whose bills are paid by escrow arrangement, the bill is sent directly to the mortgage company and you are sent a courtesy copy in mid-November.  At Khani & Auerbach, we recommend that you follow-up with your lender to ensure receipt, and ultimately the payment, of the tax bill.

Property taxes must be paid no later than March 31, 2019 to avoid delinquency interest, fees, and penalties, but to enjoy the greatest benefit of the early-payment discounts, the taxes may be paid as early as November 1, 2018. Khani & Auerbach ALWAYS recommends you take advantage of the early-payment discounts.  The discounts for payments made in full are as follows: a 4-percent discount if paid in November; a 3-percent discount applies in December; a 2-percent discount in January; and a 1-percent discount in February. The discounted amounts that apply to each month between November and February are already reflected on property tax bill coupons. These discounts apply only to full tax payments. Making a partial payment of property taxes forfeits any applicable discount otherwise available for full tax payments.

 

2018 tax payments can be made by the following methods:

Credit/Debit Card, or eCheck Online Payments: at https://broward.county-taxes.com – use the search function to locate the correct tax account then follow instructions for payment by credit/debit card or eCheck. There is a non-refundable 2.55% convenience fee for credit/debit card payments. eCheck payments have no additional fee.

By Mailing a Check: use the green return-envelope enclosed with the tax bill or mail payment to Broward County Tax Collector, Processing Center, P.O. Box 849375, Hollywood, FL 33084-9375. Always include the tax coupon with the check and write the tax account on the check to prevent processing delays. All check payments must be in US funds issued from a US bank account. The payment envelope’s postmark date is used to determine the applicable early-payment discount. If check payments are rejected or returned by your bank, the payment will be canceled, a return check fee will be charged, and discount deadlines will not be extended for substitute payments.

At any Wells Fargo Bank Branch located in Broward County: all 2018 tax bills (no delinquent tax payments) may be paid at any Wells Fargo Bank Branch in Broward County until March 31, 2019. Tax payments made at Wells Fargo must be paid in full only (no partial payments). Taxpayers must have their original 2018 tax bill to present to the bank at time of the payment. No credit, debit, or cash payments can be accepted by the banks for tax payment.

Partial Payments: 2018 taxes may be paid in up to five partial payments. Partial payments must be for a minimum of $100 and include a $10 processing fee. Partial payments forfeit all early-payment tax discounts that would otherwise apply to full payments. The final partial payment must be for the full remaining balance and paid by March 31, 2019 to avoid delinquency interest and fees on any remaining balance as of April 1, 2019. Partial payments cannot be made online or at Wells Fargo banks.

For additional information, please contact the Broward County Tax Collector’s Office at (954)831-4000 or visit www.broward.org/RecordsTaxesTreasury/

At Khani & Auerbach, we are dedicated to providing as much information to assist you with your real estate needs. Please be sure to follow us on Facebook, Twitter, Instagram, LinkedIn and Google+ for additional useful information.

Dear Future American Homeowner

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Dear Future American Homeowner,

I write this letter to you Houseto encourage you to save your money for the purchase of a home.  I have said this before, but maybe you didn’t hear me the first time.  It has come to my attention that now 58% of you don’t have plans to purchase a home.  What concerns me most is that this figure has increased, up from 54% just in February, according to Freddie.

Unfortunately, after the recession back in 2008/9, many families, maybe even yourself, lost homes to foreclosures and tough credit made it difficult to buy homes.  I am aware that rents increased by double-digits percentages in many popular cities and that some rents increased so much that a large portion of families couldn’t even afford their rent.  These statistics may not seem very positive, but you can make a difference.  Maybe holding off on the morning coffee at Starbucks and making it yourself.  Maybe eating out less and cooking for yourself more.  These are just some examples of how to cut costs and save for your own home.

In the past five years, before the recent rate increase, home prices were lower, and it was the perfect time for those who could qualify for a mortgage.   While the rental supply has hit a three-decade high, home prices are increasing, and mortgage rates have risen almost a whole percentage point since January, there are still ways for you to own a home.  And while the rising-rate trend may continue, there are a few things within your control, your credit rating and your down payment.  The better the score, the lower the rate.  It’s time to get creative, surround yourself with people who can guide you in the right direction towards home ownership.

Understand that if more people continue to rent, this will not help to decrease rents, but rather cause them to begin to rise, and not slowly, either.

I also know that you are seeking the best home for yourself, and while that’s not a bad thing, it’s not realistic.  Be practical.  Searching for your dream home will put you into dream debt.  So, start with a modest home.  This home may not be what you expect, but it sure beats getting the Landlord rich.

So, do you want to invest in yourself or your Landlord’s fortune?

Signed,

Khila L. Khani, Esq.

Your Florida Real Estate Attorney