December 6, 2022
The Amazon Effect: How much money do new facilities generate from property taxes?

Florida Trend Real Estate

The Amazon Effect: How much money do new facilities generate from property taxes?

| 11/21/2022

The Amazon Effect: How much money do new facilities generate from property taxes?

For local tax collectors, Amazon is the gift that keeps on giving. Nowhere is that more evident in Florida than in Daytona Beach, where the taxable value on a 211-acre parcel soared from $49,168 to $11,599,157 once Amazon took possession of the property where it is building a 2.8 million-square-foot distribution center. And once the facility is built, the taxable value is expected to again soar to more than $100 million, generating property taxes well in excess of $1 million. More from the Sarasota Herald-Tribune and Florida Realtors

Commentary: Florida governments should buy damaged beachfront properties

Should all damaged or destroyed beachfront structures even be replaced? Is there an alternative that would benefit the public as well as Florida’s troubled property insurance marketplace? Perhaps. The recent storm damage presents a renewed opportunity to alleviate this problem by giving the owners of damaged beachfront properties an alternative to rebuilding in the same spot. Instead, state and local governments could partner to tender offers to buy selected properties in order to expand public access to the beaches. [Source: Orlando Sentinel]

To buy a typical home, this is the salary you need now in South Florida

South Florida homebuyers need to make at least six figures annually to afford a home in the area, according to a new analysis. The salary needed to purchase a home has increased over 55% in the past year as rising interest rates and record-high home prices have put more pressure on buyers’ budgets, an analysis from RedFin, a national real estate brokerage, found. [Source: South Florida Sun-Sentinel]

Homebuyers who fled to Florida to escape high taxes are now shocked at their massive tax bills

Rising property taxes have been causing a stir across the Sunshine State — especially for those who flocked to Florida over the past couple of years to escape exorbitant taxes in other states. In the Sunshine State, property-tax increases fall largely on first-time homebuyers or people who move from another state. That's thanks to a state constitutional amendment from the 1990s called Save Our Homes that caps local property taxes for existing homeowners at 3% per year, or the change in the consumer price index if it's less than 3%. The cap also applies to existing Florida homeowners who move to a new primary residence anywhere in the state. [Source: Business Insider]

Selling your home furnished? You might be asking for trouble

Selling a property fully furnished is fairly common in vacation-home markets, where a house without furnishings can become a chore for buyers rather than an immediate retreat. But it’s probably not a smart decision most anywhere else. Indeed, it’s highly likely that wannabe buyers will simply scroll past any place listed as “fully furnished” when they peruse the market. Even when the idea is intriguing, they’re not likely to give a property much thought unless the furnishings are up to date. [Source: Miami Herald]

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STAT OF THE WEEK
24.6%
After almost two years of unbridled enthusiasm, home sales continued to fall sharply in Florida with the sale of single-family homes in October dropping 24.6% when compared to last year. Condominium and town house sales fell 26.9%. [Source: Business Observer]

ALSO TRENDING:

› A problem with ‘price point:’ More Orlando buyers seek condos, townhomes
In Orlando’s scorching housing market of the past two years, many buyers shut out of the fight for single-family homes turned to townhomes, condos and duplexes, according to a new study of residential real estate sales last year. Though metro Orlando was one of the top markets in the country, single-family homes made up 69.7% of all owner-occupied home purchases in 2021, according to a study from home inspection software company Inspection Support Network.

› DeMarco Real Estate Group gives back to community with Thanksgiving food giveaway
A real estate agency helped families in need ahead of the holidays. The DeMarco Real Estate Group hosted a Thanksgiving food giveaway in Hollywood where they gave out more than 200 free meal kits. Kits included a whole turkey, canned goods, a pie and a $50 Publix gift card.

› How hot is the real estate market near Fort Walton Beach? Home sale prices rise to $345K
The median sales price for a single-family home sold in Okaloosa County during August was $345,000. That's an increase of 11.7% compared with August 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com. On a year-over-year basis, prices have been rising for 34 consecutive months. August prices are identical to the previous month's.

› Homeowners score two wins in their fight to block major Miami-area development
Like the diminutive but resourceful tricolored herons nesting on the water hazard islet of an overgrown, defunct golf course, you could say the homeowners of the Calusa community are a threatened species, too, trying to save their habitat from suburban sprawl. Against all odds — and in Miami-Dade County those odds include a major real estate developer, the Bacardi family and pro-growth politicians — score rounds 11 and 12 for the underdog in a years-long fight over the fate of prime Kendall land.

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