Are you thinking about buying a home in Polk County, Florida? There are plenty of benefits of living in Florida that you need to be aware of. These range from the high standard of living to the very prices for some of the nation’s most sought after homes. Read on to learn the 5 best reasons to buy a home in the Sunshine State.
1. Interest Rates Are Lower Than Ever
2020 has seen a substantial drop in the total level of interest rates for home purchases. This is partly due to the persistence of the Covid-19 pandemic. As a result, the Federal Reserve is dramatically cutting interest rates a full percentage point all the way down to zero.
This is a move that has been specifically designed to grant more immediate and effective lending power to financial institutions such as banks. You should note that this move will also give home buyers the chance to get a home loan on very favorable terms.
It should be kept in mind that this reduced rate of interest will probably continue only as long as the pandemic crisis necessitates it. These rates will most likely return to normal once the economy finally makes a resurgence. Since no one can tell how long this will be, the time to take advantage of these rates is now.
2. Florida Currently Has No Income Tax
Residents in other states in the nation pay an annual income tax of between four and eight percent. This is simply not the case in Florida where absolutely no income tax exists.
As a result, Florida is a very desirable residence for celebrities, athletes, and business owners of all sizes. Were you aware that individuals who earn the sum of
$200,000 a year will ultimately save more than $12,000 in taxes? The lack of income tax is one of the primary reasons why so many professionals are moving here.
3. Florida Has No Estate Tax
When it comes to taxation, one of the biggest bogies is the dreaded estate tax. This is one of the most undesirable taxes that can directly affect an already bereaved family in a most negative manner. In Connecticut, this tax is currently sitting at 7.2 and 12.2 percent on all homes with a value of above $2 million.
No such tax exists in the state of Florida. This makes buying a home in Florida a very attractive proposition. In fact, many recent home buyers have listed the lack of an estate tax as one of the most attractive benefits of living in Florida.
4. Property Taxes Are Very Reasonable
Of course, there is ultimately no such place as a completely tax-free state. But when it comes to property taxes, Florida is one of the most reasonable in the nation. While it is true that the level of property taxes will vary by county, the state average is a mere .98 percent. This figure is lower than the current national average.
There are a number of special exemptions that are available for Florida home buyers to take advantage of. These include the Homestead Act, SOH (Save Our Homes) Cap, and a number of others. Exemptions of this kind make it even easier to buy a home.
As a result, buying a home in Florida is easier than ever. You not only don’t have to worry about any huge increase in home prices, you don’t even have to worry about paying estate or income taxes. And one of the most notable benefits of living in Florida is a historically low rate for property taxes.
5. You Can Rely on MEGG Homes to Ease Your Transition
One of the biggest worries about buying or selling a home anywhere in the world is not knowing how long the transaction will last. Another major concern is over just how much of a profit you can make or lose by selling your home. And if you are trying to buy a home, you will worry about availability as well as the final cost.
In these types of situations, it’s good to have an experienced ally in your corner. MEGG Homes is here to help you negotiate all of the potential obstacles and pitfalls. Our goal is to help you buy or sell a home in Polk County with absolute ease and the minimum of transition.
We buy homes directly from homeowners and pay them in cash. If you need to sell in a hurry, we can help. Request an offer today! And if you are in the market for a new Polk County home, we are the source to be in contact with. Get in touch with MEGG Homes today to learn more about our wide selection of homes for sale all throughout Polk County.