The average single family home in Jupiter will start around $500,000 for approximately a 2,000 sq. ft home built around 2000.

Property taxes run about 2% of the sales price per year in Palm Beach County so your tax bill will be almost $10,000 per year on a $500,000 home.

A resident of Florida can homestead their property once they become a resident of Florida which requires a Florida drivers license. Once you homestead your property you will reduce your annual tax bill by about $900 per year. The biggest advantage is that your assessed value can only rise by 3% or the cost of living index whichever is less.

Any lease that is less than 6 months plus a day is subject to a 13.5% tax on the price of the rent. If you lease a property for 3 months at $4,000 per month the tenant is required to pay an additional $540/month sales tax on top of the monthly rental.

Buying Jupiter Homes

Homeowners insurance for Jupiter Homes can run dramatically different amounts depending upon the age and location of the home as well as many other factors contribute to the cost. I usually tell buyers to expect the cost of homeowners insurance to be about 1% of the purchase price of the home. A wind mitigation form will be required by your insurance company to price out the cost of insurance.

A wind mitigation form is required by your insurance company to price out your annual policy. Basically your home inspector will charge you $100 to do this inspection which includes a 5 page form and pictures to go along with the form. Your biggest discount will be based on the age of your home, the age of the roof and how the trusses are attached to your walls. Homes newer than 2005 usually do not require this form as they are built to the latest standards.

In most cases the monthly condo fee includes exterior building insurance, roof maintenance but not replacement, water/ sewer and basic cable. Each condo community covers different items so be sure to address them with the property manager.

The difference is how the original documents were recorded. An HOA is usually a bit more lenient while condos rules are more strict. An HOA community can qualify for FHA financing while COA usually don’t meet FHA guidelines for lending.