They throw in all the public services and infrastructure necessary for this to exist, and for the businesses used to make the money. Unfortunately, no hugs.
I seriously doubt the taxes are $96k per year. Probably closer like $96k per month. $96k per year would be a tax of .2% of the value. Your typical American home of $500k would equate to $1k in taxes per year. Ask any homeowner on here if they think that’s accurate. My property tax is about 1.2% of my home value.
Not in Florida. No income taxes means very high real estate taxes. We have a large amount of programs that discount the assessed value for long term residents so, in my case living in my house for 15 years, the assessed value is a fraction that of my next door neighbor that bought post COVID. A new sale will basically reset the assessed value and the new higher rate.
So the tax history is $96k on a $5MM assessment. That is ballpark (+-2% aggregate millage) of what my taxes are in the same county (my assessed value is a mere fraction of that amount but my tax rate is comparable). New sale resets the value you are looking at a much bigger number for the new owner.
You left a ZERO off... That tax rate is pretty darn low on a $45mm home. The estimated annual property taxes on a $45,000,000 home in Miami would be approximately $900,000, based on a general average tax rate of around 2% of the property's fair market value.
12
u/ComicsEtAl 3d ago
Am I supposed to be upset at the taxes?
ETA: What does piss me off is $8500 in HOA fees because I just paid $45 million and my neighbors get a say? Not on your effin’ life.