Ontario Property Tax Hikes Driving Florida Investment—Florida Realtors

Ontario Property Tax Hikes Driving Florida Investment—Florida Realtors

Posted on: March 13, 2013

realestatewealthA Canadian Real Estate Wealth magazine article, “Ontario Property Tax Driving U.S. Investment,” reports that Florida realtors have observed a surge in Ontarians purchasing Florida investment properties.

Sarasota Bay Real Estate reports an “increasing number of cash purchases,” which “suggests investor appetite—especially on the part of Canadians,” they say.  That investor appetite is expected to increase, too, according to Christina Miller, a partner at SBRE.  One reason, she suggests, is the enormous gap in average prices between Toronto and Florida real estate.

More interestingly, Ms. Miller also suggests that the Ontario Municipal Property Assessment Corporation’s recent property assessment increases of 5.5% over the next four years will trigger higher property taxes.  The article quotes MPAC’s chief assessor, Larry Hummel, as saying that this is not just a Toronto phenomenon and that “most markets across the province have followed suit.”  However, U.S. and Canadian residency laws may have tax implications for investors, reports the article.

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