Tax Advisory Resource
Understanding Florida Property Taxes
Florida real property is subject to local property taxes. The amount depends on factors such as taxable value, local millage rates, and any exemptions that apply. The tax bill for one property is not a reliable estimate of what a new owner will pay after a purchase. Review the property’s records and consult the county property appraiser and tax collector for property-specific information.
What Is FIRPTA
The Foreign Investment in Real Property Tax Act, or FIRPTA, may require withholding when a foreign person sells a US real property interest. Withholding is not necessarily the seller’s final income tax liability. The rules, exceptions, documentation, and possible withholding certificates depend on the transaction. Buyers, sellers, and closing professionals should raise FIRPTA early and obtain advice from a qualified tax adviser or attorney.
Plan Before You Sign
If you are buying or selling across borders, speak with a tax professional about ownership structure, potential tax reporting, proceeds, and any withholding obligations before closing. Ancara can help coordinate the real estate side of the transaction but does not determine a client’s tax liability.
