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The rich flocked to Florida. Then property taxes and condo assessments caught them by surprise

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  • 🞛 This publication is a summary or evaluation of another publication
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Moving to Florida is "just not tax free."
The article from Fortune discusses the unexpected financial burdens faced by wealthy Florida residents due to rising condo assessments. These assessments, which can reach into the tens of thousands of dollars, are necessary for funding repairs and maintenance mandated by new state laws following incidents like the Surfside condo collapse. The costs are particularly burdensome in luxury buildings, where residents are now facing significant special assessments on top of their regular maintenance fees. This situation has led some owners to sell their properties at a loss or struggle to pay the unexpected expenses, highlighting a broader issue of aging infrastructure and the financial implications for condo owners in Florida.

Read the Full Fortune Article at:
[ https://fortune.com/article/wealthy-florida-surprise-costs-condo-assessments/ ]