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Dear Sir:
I am a 10-year-old student in fifth grade. I have asked Santa for Gator Mike's Family Fun Park as a present. Not a gift card, I would like to own Gator Mike's. But I am worried about whether I can pay the property taxes, or are there any other costs for getting a present like this? My allowance is $5 a week.
-- Lachlan F.
Dear Lachlan:
First, that is an impressive ask from Santa. I assume you have been VERY good this year to hope for such an incredible present. My understanding is that the presents Santa can bring are limited by the types of presents his elves can make. So, I don't believe that Santa can give you an entertainment business as a present.
However, assuming Santa can, here is what you can expect. Every year, every owner of property has to pay real estate taxes. The amount paid each year can vary, but will be over $500 per year for the smallest, vacant parcel in Cape Coral. For a business like Gator Mike's, the costs will be well over $10,000 each year. If you do not pay the property taxes, the property can eventually be sold at an auction to the highest bidder, and you will lose the property. This can happen about three years after you miss the first payment. The good news? Any amount of money over the taxes due would go to you as the owner, which would be you. A nice present for sure!
Florida has no estate or gift taxes, so you would not have to pay anything to the state government for receiving a gift. There can be issues with federal estate and gift tax, so, if you do receive a very expensive property as a gift, you may want to ask a lawyer, or your parents, on what to do.
Speaking of your parents, you may want to offer to load the dishwasher. Then, ask for a bigger allowance!
On behalf of the attorneys and staff at Burandt, Adamski, Feichthaler & Sanchez Law Firm, I wish you a joyous and blessed Christmas.
Eric P. Feichthaler has lived in Cape Coral for over 33 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Southwest Florida to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, Cape Coral Historical Museum, and Cape Coral Kiwanis. He has been married to his wife, Mary, for over 20 years, and they have four children together. He earned his board certification in Real Estate Law from the Florida Bar. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and legal ability, and is a Supreme Court Certified Circuit Civil Mediator. He can be reached at eric@capecoralattorney.com, or (239) 542-4733.
This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.