Are looking to move to a city rich in history, arts, culture and beautiful warm weather year-round? Then Tampa, Florida is the perfect place to call home. Located on the west coast of central Florida, Tampa has captured the interests of businesses, tourists, and new residents of all ages, orientations and cultural backgrounds.
Tampa is metropolitan city that has it all. It’s recognized for its fine universities, world class healthcare facilities, top-rated international airport, quality museums, excellent restaurants, and the nation's top craft breweries.
Aside from Tampa's growing culture and vibrant cityscape, here are 5 more reasons, from a real estate standpoint, to buy a home in Tampa:
1. Affordable Housing and Strong Job Creation
According to WalletHub’s 2017 Best Big Cities to Live in study, Tampa ranked 14th out of the best 62 largest U.S. cities to live. Tampa’s cost of homes are low compared to other big-name cities. Combine that with Tampa’s strong job market and you have a winning combination to not only move to Tampa but also buy a home here!
2. No State Income Taxes
Florida doesn't collect an individual income tax. Moving to Florida from a state like New York or California that does collect state tax can save someone in a high-income tax bracket thousands or more in taxes.
In addition, the prohibition against collecting an individual income tax is part of the Florida Constitution, so Florida won't be imposing a state individual income tax anytime soon.
3. Down Payment Assistance for First Time Homebuyers in Tampa
For eligible new home buyers, there are programs that can help with the down payment and closing costs. Some programs require the funds to be paid back. Others are fully forgiven after a certain time of home ownership.
4. Florida Homestead Exemption
Florida is a homestead state, which means all resident Florida homeowners are eligible for a homestead exemption. If you purchase a home and intend for it to be your primary residence, you can file for a homestead exemption worth up to $50,000. Claiming a homestead exemption applies a reduction to your annual property tax bill and limits how much taxes can increase each year.
Visit the Hillsborough County Property Appraiser site for more details regarding homestead exemption and additional benefits you may qualify for.
Is Tampa, Florida Right for You?
If the above reasons convinced you Tampa, Florida is your perfect city, let me help with your next step-- narrowing down your Tampa Bay neighborhood search.
Tampa is a magnetic city with unending charm and diverse neighborhoods. The city hosts plenty of housing options and investment opportunities.
To help determine which neighborhood best suits your needs and lifestyle, I have assembled a neighborhood guide. Each neighborhood features a map of the area, local attractions and the types of houses available. If you have any questions about the Tampa Bay area and purchasing a home here, feel free to contact me.