Miami-Dade County
Road — I-395/SR 836/I-95 Design-Build Project ("Signature Bridge"), Under construction, no date established.
Source: FDOT project website: I-395/SR 836/I-95 Design-Build Project (i395-miami.com)
Miami, FL, USA / Shenandoah
True Cost of Ownership — Shenandoah, Miami, FL, USA
What a non-resident foreign buyer actually pays, beyond the asking price — every figure below is sourced, not estimated. Built for the analyst running the deal: the cash-flow side of an underwriting model, itemised and cited, with the judgment calls left where they belong.
Real acquisition total
$404,200
1.1% above the $400,000 asking price
Total cost of ownership (5y)
$42,330
Net repatriated vs invested
−$25,800
sale proceeds after exit costs, minus capital invested
For your model
The cash-flow side of your underwriting, in 3 lines
| When | What | Figure |
|---|---|---|
| At closing (year 0) | Cash outasking price plus every sourced acquisition cost below | $404,200 |
| Each year held (years 1–5) | Holding costsourced annual costs; operating expenses excluded, as stated below | −$3,306 |
| At exit (year 5) | Cash backnet proceeds after every sourced exit cost below | $378,400 |
The discount rate is yours, on purpose. Your cost of money and the risk premium you carry for this market are your firm's judgment, not a figure a data vendor should invent. This page gives your analyst the dated, cited cash-flow inputs; the rate, and the decision, stay with you. Every figure above is itemised and sourced in the sections below.
Download these cash flows as CSV Same engine, same assumptions: one row per line item with the source and as-of date on each, plus a year-by-year net-flow schedule your own IRR formula can run on directly. The rate stays yours.
Can a foreign buyer own and finance this?
| Item | Value |
|---|---|
| Foreign ownership allowed | Allowed |
| Mortgage available to foreign buyers | Answered with sources below Non-resident foreign financing terms, loan-to-value, reserves and the rate premium are itemised in the capital-stack section further down this page, each figure linking to a lender programme page or primary source. |
Eligibility facts for Miami, FL, USA — general market conditions, not a guarantee for any specific buyer or lender. Rules vary by nationality and residency status in some jurisdictions; always confirm with a local real-estate attorney before relying on this for a transaction.
Provenance of this section, stated plainly. The ownership line is an enrichment-table fact. Unlike every cost line further down this page it does not carry its own source link or as-of date, so it is a weaker claim than the cited figures beside it; where a state restricts purchases by nationality, the sourced restriction is named in the capital-stack section below. We are moving these to sourced country-level rules, the way residency-by-investment already works.
This estimate covers 11 of 12 cost components. 1 is not available — shown below as “not yet sourced”: Legal / closing costs.
Acquisition (one-off, paid at purchase)
| Item | Amount |
|---|---|
Land transfer / deed tax[1]Miami-Dade County, property type unknown or not a single-family dwelling: 60-cent base + 45-cent surtax per $100 = 1.05%.When the calculator doesn't know the property type it uses this SAFE-SIDE higher rate — overstating for a single-family home rather than understating for everything else; the single-family row (0.60%) wins automatically when property_type is provided. EFFECTIVE DATE: same 1 August 1992 basis as the 60-cent row (ch. 92-317 s.34). The 45-cent component is a COUNTY ORDINANCE rate sitting at a statutory ceiling, not a state rate: Fla. Stat. 125.0167(1) says the surtax "shall not exceed the rate of 45 cents", and OPPAGA reported in June 2022 that Miami-Dade levies the maximum and is the only county doing so. The surtax was authorised statewide by ch. 83-220, effective 1 October 1983; Miami-Dade implemented it in 1984 per the county's own Documentary Surtax Program brochure, but the ordinance number and its exact date could NOT be established (Municode 403, miamidade.elaws.us 503). The single-family carve-out is a carve-out from the SURTAX only, not from the 60 cents. SUNSET TO WATCH: Fla. Stat. 201.031 repealed effective 1 October 2031. SCHEDULED EXPIRY: Fla. Stat. s.201.031, the authority for the Miami-Dade discretionary surtax, is repealed effective 1 Oct 2031. On that date this county rule lapses and Miami-Dade falls back to the statewide 70 cents per $100. This is what the statute says today. Sunset provisions are routinely extended, so read this as the current legal position and not as a prediction that it will actually lapse. |
$4,200 |
Mansion / luxury transfer tax[2]Florida has no mansion/luxury transfer tax at any price point — the documentary stamp tax applies uniformly regardless of price.Confirmed by absence from the FL DOR tax list; kept pending_review as a negative finding. |
None — not levied |
Buyer's agent commission[3]Traditionally the US buyer paid no direct agent commission (the seller-paid total covered both sides).Since the NAR settlement (17 Aug 2024), buyers must sign representation agreements stating how their agent is paid, and may now pay their agent directly (~2.7% typical side rate) if the seller offers nothing. Encoded at the traditional 0% with this caveat — a buyer negotiating today should budget up to ~2.7% as a possible direct cost. |
$0 |
| Legal / closing costs | not yet sourced |
Sources
- [1]Florida Department of Revenue — Documentary Stamp Tax (Miami-Dade surtax) (as of 2026-07-20)
- [2]Florida Department of Revenue — Florida taxes (complete list) (as of 2026-07-20)
- [3]Federal Reserve Board — FEDS Note: Commissions and Omissions (NAR settlement mechanics) (as of 2026-07-20)
Annual holding costs (× 5 years)
| Item | Amount |
|---|---|
Annual property tax (county effective rate)[1]ACS-derived EFFECTIVE property-tax rate for this county: median real-estate taxes paid (ACS table B25103, $3,516) divided by median owner-occupied home value (ACS table B25077, $425,400), ACS 5-Year vintage 2023.This is a COUNTY AGGREGATE of owner-occupied homes — not the millage rate for any specific parcel. Bulk-imported from the already-authoritative US Census dataset and marked verified as a government-source import, not machine-guessed research. |
$3,306 |
Sources
Exit (paid on sale)
| Item | Amount |
|---|---|
Capital gains tax (federal)[1][2][3]Under IRC §897 (FIRPTA), gain on a foreign person's disposition of US real property is treated as effectively connected income taxed at LTCG rates: 0/15/20%.Thresholds ($48,350/$533,400, single filer, TY2025) applied to gain alone. Short-term (<=1yr) not modeled. State CGT separate. FIRPTA withholding is the prepayment mechanism. |
$0 |
Capital gains tax (state)[4]No Florida state capital gains tax — same constitutional basis as the rental-income row: Florida has no personal income tax of any kind, ordinary or capital.Federal capital gains tax (us layer) still applies in full. EFFECTIVE DATE: Art. VII s.5(a) reached its current text by House Joint Resolution 7-B, adopted by the electorate in 1971, and s.5(c) makes it effective immediately on approval ("This section shall become effective immediately upon approval by the electors of Florida"). The 1971 adoption is primary-sourced from the Legislature's published Constitution; the exact election day of 2 November 1971 comes from a Florida State University law library reproduction of the official record rather than a government host, because the Division of Elections servers are bot-blocked. Treat the YEAR as solid and the DAY as one source short of our usual bar. TWO THINGS THE SHORTHAND LOSES: (a) the prohibition is not absolute, it bars a tax only "in excess of the aggregate of amounts which may be allowed to be credited upon or deducted from any similar tax levied by the United States", so it is a federal-credit carve-out and no such credit exists for individual income tax; (b) the ban is older than the 1968 constitution, originating in a 1924 amendment to the 1885 constitution, and the 1971 amendment NARROWED it by inserting "natural persons who are" precisely so Florida could tax corporate income, which matters to anyone holding through a Florida corporation. |
None — not levied |
Seller's agent commission[5]US total real-estate commission, encoded from the Federal Reserve's CoreLogic-MLS study: buyer's-agent side averages ~2.7% nationally, and the traditional structure paired it with a similar listing-side rate (~5.4% total, historically seller-paid).Since the NAR settlement took effect 17 Aug 2024, seller-paid buyer-agent compensation can no longer be offered via MLS and everything is negotiable — actual totals vary and are trending down, and are notably lower in the Northeast, California and the Pacific Northwest. 5.4% is a documented ceiling-style estimate, not a quote. |
$21,600 |
Withholding at closing on the sale[6][7]FIRPTA withholding (IRC §1445): when a foreign person disposes of a US real property interest, the BUYER must withhold 15% of the amount realized and remit it to the IRS.This is a prepayment credited against the seller's actual capital-gains liability, not an additional tax. Rate was 10% before 17 Feb 2016. See conditional rows for reduced-rate/exemption cases.Cash withheld at closing, credited against the tax liability itemised above — not an additional tax. |
$60,000 |
State withholding at closing[8]Florida has no state-level withholding on real estate sales by non-residents (no income tax means no withholding regime — only federal FIRPTA applies).CONFIRMED BY ABSENCE: no such tax appears in the FL DOR tax list and no statute in ch. 199/201/220 imposes seller withholding on individuals; searched 'Florida nonresident withholding sale real property' + DOR site. Kept pending_review pending a second pair of eyes precisely because it is a negative finding. |
None — not levied |
Sources
- [1]IRS — Topic No. 409, Capital gains and losses (as of 2026-07-20)
- [2]IRS — Definitions of terms and procedures unique to FIRPTA (as of 2026-07-20)
- [3]Legal Information Institute — 26 U.S. Code §897 (as of 2026-07-20)
- [4]Florida Constitution, Art. VII §5(a) (via Online Sunshine, official legislature site) (as of 2026-07-20)
- [5]Federal Reserve Board — FEDS Note: Commissions and Omissions: Trends in Real Estate Broker Compensation (May 2025, CoreLogic MLS data) (as of 2026-07-20)
- [6]IRS — FIRPTA withholding (as of 2026-07-20)
- [7]Legal Information Institute — 26 U.S. Code §1445 (as of 2026-07-20)
- [8]Florida Department of Revenue — Florida taxes (complete list; no seller-withholding tax exists) (as of 2026-07-20)
Know before you buy (informational — not summed)
| Item | Amount |
|---|---|
US estate-tax exposure (non-resident)[1][2][3]US estate tax exposure for NRA holding US real estate directly (IRC §§2101-2108): exemption is effectively $60,000 of US-situated assets ($13,000 unified credit), vs multi-million exemption for citizens/residents.Above threshold, Form 706-NA applies unified rate schedule 18%-40%. A foreign buyer who dies owning a $500,000 US property directly can leave heirs a low-six-figure estate-tax bill. Rendered as an INFORMATIONAL risk line, never summed into totals. EFFECTIVE DATE: the $60,000 figure is the practical effect of the $13,000 unified credit in IRC s.2102(b)(1), verbatim "A credit of $13,000 shall be allowed against the tax imposed by section 2101." That amount was set by Public Law 100-647 s.5032(b)(1)(A), enacted 10 November 1988 and applying to "estates of decedents dying after Nov. 10, 1988", replacing a prior $3,600. THE STATUTE CARRIES NO INFLATION INDEXING. The threshold has therefore stood unchanged for thirty-eight years while the exclusion for a US citizen or resident reached $15,000,000 in 2026. Structural caveat that must travel with this line: the exposure attaches to DIRECT ownership of US real property; shares in a foreign corporation are non-US-situs, which is why blocker structures dominate inbound holdings. We do not model holding structure, so this stays informational and is never summed into a total. |
Threshold: $60,000 |
Tax-treaty caveat[4][5]The US has income-tax treaties with ~65 countries and estate/gift-tax treaties with ~15; a treaty can lower the 30% gross rental withholding, modify estate-tax outcomes, and change filing mechanics.This product models foreign-vs-resident treatment ONLY, not per-treaty outcomes per nationality. IN FORCE NOT LATER THAN 2011-09-12 (wave wf_64f4120f-b14). LOWER BOUND, not a start date: verified already in force then, not that it began then. Basis: IRS Notice 2011-64 in Internal Revenue Bulletin 2011-37 (12 Sep 2011), a dated official country-by-country table of US income tax treaties. Source: https://www.irs.gov/irb/2011-37_IRB. Full reasoning: data/cost-rules/research/2026-07-27-lower-bounds.json. |
Depends on tax treaty |
Sources
- [1]IRS — Some nonresidents with U.S. assets must file estate tax returns (as of 2026-07-20)
- [2]IRS — Instructions for Form 706-NA (as of 2026-07-20)
- [3]IRS — Estate tax for nonresidents not citizens of the United States (as of 2026-07-20)
- [4]IRS — United States income tax treaties A to Z (as of 2026-07-20)
- [5]IRS — Estate & gift tax treaties (international) (as of 2026-07-20)
* Lines marked with an asterisk are cash WITHHELD at closing (FIRPTA / state withholding) and credited against the taxes itemised above — shown for cash-flow planning, excluded from cost totals to avoid double counting.
Totals
| Item | Value |
|---|---|
| Total acquisition cost | $4,200 |
| Effective acquisition cost | 1.05% of price |
| Annual holding cost (per year) | $3,306 |
| Total holding cost (5yr) | $16,530 |
| Total exit cost | $21,600 |
| Withheld at closing (credited back)* | $60,000 |
| Net proceeds on exit | $378,400 |
| Total cost of ownership (5yr) | $42,330 |
Totals are computed on unrounded figures and then rounded for display — per-year × years arithmetic re-done on the rounded numbers can differ by a few units.
What "true cost" covers, and what it does not. This figure counts taxes, government fees and agent commissions only. It excludes operating costs: insurance, HOA or service charge, property management, maintenance and vacancy. Those are building-level commercial terms rather than public record, so they cannot carry a primary source, and this product does not print numbers it cannot cite. Total cost of ownership, the annual holding cost and the repatriation figures below are all on that same basis.
Financing as a non-resident (capital stack)
How a foreign-national buyer typically finances a US purchase. Non-resident foreign nationals do not qualify for conforming/FHA loans, so these are non-QM lender terms — every figure links to a lender program page or primary source.
| Item | Value |
|---|---|
| Typical max loan-to-value | 65–75% (model 70%) |
| Loan at 70% LTV | $280,000 |
| Down payment (25–35%) | $120,000 |
| Cash reserves required | 6–12 months (PITIA; may be held in a foreign bank account) |
Typically a DSCR loan — no US credit score, income, or tax returns required; a foreign credit report or bank-reference letter substitutes; US-LLC vesting is available.
Foreign-national loans price above conforming US rates; lenders confirm a premium but do not publish a fixed number (industry estimates ~1-2 percentage points, not lender-verified).
- Non-resident foreign nationals are not eligible for GSE-backed loans: Fannie Mae warrants the borrower is "legally present" (Selling Guide B2-2-02); Freddie Mac excludes borrowers with no lawful US residency (Guide 5103.2). FN loans are therefore non-QM / portfolio.
- FHA financing is closed to all non-permanent residents for case numbers on/after 2025-05-25 (Mortgagee Letter 2025-09).
FL purchase restriction: Florida SB 264 (Fla. Stat. 692.201-.205) restricts purchases by buyers domiciled in designated "countries of concern" and requires every buyer to sign a compliance affidavit at closing. Enforceable statewide after the 11th Circuit's Nov-2025 ruling. Source: CRS Legal Sidebar LSB11120.
Sources: Angel Oak — FN program (70% LTV, 12mo reserves, LLC ok) · A&D Mortgage — FN DSCR (up to 75% CLTV, 12mo reserves) · LendSure — FN (up to 75% LTV, foreign credit report ok) · Acra Lending — FN (max 70% purchase / 65% refi) · Fannie Mae Selling Guide B2-2-02 (legal-presence warranty) · HUD Mortgagee Letter 2025-09 (FHA residency). Retrieved 2026-07-23. Financing terms vary by lender and change frequently — confirm current terms with a licensed lender. Not lending advice.
What actually gets home (exit & repatriation)
| Item | Value |
|---|---|
| Capital invested (price + acquisition costs) | $404,200 |
| Expected sale price at exit | $400,000 |
| Total exit cost (incl. FIRPTA-credited taxes) | $21,600 |
| Net proceeds on exit | $378,400 |
| Profit repatriated vs invested capital | −$25,800 |
Net-of-tax result for a non-resident seller, built from the sourced exit-tax lines above (every figure links to its source). No capital controls restrict moving sale proceeds out of this jurisdiction. Reporting obligations and your own country's rules still apply — confirm with a licensed advisor. This is not tax or legal advice.
Also under way nearby
Rail, transit, employer campuses, zoning and infrastructure not yet delivered in this jurisdiction. No score or price impact is claimed here, only what is scheduled, dated, and sourced.
Miami-Dade County, Florida
Rail — Northeast Corridor Rapid Transit Project (Downtown Miami to Aventura commuter rail on the FEC line), Announced, no date established.
Miami-Dade County, Florida
Rail — North Corridor Rapid Transit (NW 27th Avenue Metrorail extension), Announced, no date established.
Miami-Dade County, Florida
Masterplan — Miami Worldcenter, Under construction, no date established.
Miami-Dade County, Florida
Airport — Miami International Airport Modernization in Action (M.I.A.) capital improvement programme, Under construction, announced 2019-06-04.
Miami-Dade County, Florida
Transit — Beach Corridor (Metromover extension to Design District and Miami Beach connection), Announced, announced 2020-01-30.
Miami-Dade County, Florida
Masterplan — Strategic Miami Area Rapid Transit (SMART) Plan / SMART Program, Under construction, construction under way since 2021-06-04.
Source: Miami-Dade Transportation Planning Organization, The SMART Plan
Orange County, Florida
Masterplan — Lake Nona Planned Development, City of Orlando Ordinance 2022-53 (ZON2022-10006), Announced, announced 2022-05-17.
Orange County
Masterplan — Sunbridge (Tavistock master-planned expansion east of Lake Nona), Adopted, announced 2024-04-01.
Orange County, Florida
Retail / entertainment — Westcourt Orlando (Downtown Orlando Sports and Entertainment District), Announced, announced 2024-04-22.
Source: JMA Ventures project page, Westcourt Orlando (developer's own record)
Miami-Dade County, Florida
Flood control — Miami-Dade Back Bay Coastal Storm Risk Management project, Announced, announced 2024-08-26.
Orange County
Hospital / health — Nemours Children's Hospital, Florida - $300 Million Expansion, Funded, announced 2024-12-17.
Source: PR Newswire (Nemours Children's Health press release)
Orange County, Florida
Transit — Sunshine Corridor / SunRail connector to Orlando International Airport (FDOT FPID 429215-2), Announced, announced 2025-04-24.
Orange County, Florida
Zoning change — Orange County Vision 2050 Comprehensive Plan and Orange Code, Paused, announced 2025-06-03.
FL
Road — CFX Five-Year Work Plan FY 2026 to FY 2030, Paused, announced 2025-06-12.
Miami-Dade County, Florida
Zoning change — City of Miami Transit Station Neighborhood Districts (Ordinances 14384 and 14385), Adopted, announced 2025-07-24.
Miami-Dade County
Port — PortMiami Cruise Terminal G (Royal Caribbean Group), Under construction, construction under way since 2026-01-08.
Orange County
Zoning change — Dowden Central Community Development District (Lake Nona, ~380 acres), Announced, announced 2026-03-16.
Orange County, Florida
Utility — Stanton Energy Center Unit 1 coal retirement, deferred by federal emergency order, Paused, announced 2026-06-04.
This page presents sourced public information about property costs and taxes for US real estate — it is not tax or legal advice. Figures are accurate as of the dates shown next to each line and can change with new legislation. Always verify with a qualified US-licensed lawyer or tax advisor before transacting. This calculator covers foreign-vs-resident tax treatment only — it does not account for bilateral tax-treaty effects specific to your nationality.
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