Quote:
Originally Posted by Goldwingnut
The difference was probably due to the save our homes act and not any additional age exemption. Under SOH as a Florida resident your primary residence property taxes can go up only 3% per year even if the value of the home goes up more. This savings builds up quickly over time and can make a substantial difference on the taxes due every year. When someone buys the home the taxes go to the current unadjusted value. The value of this savings is shown every year on the bottom of your county tax statement.
This was enacted during the explosive growth years here in Florida when property values skyrocketed and people, especially those on fixed incomes, could not afford the rapid tax increases.
There is another side to this that’s good for you also. The savings are portable, if you have $100k in SOH savings in you current home because the value went up and you sell the home and buy a new one in Florida that $100k savings is applied to your new home’s taxes.
Say 10 years ago you bought a home here in TV for $100k, it went up in value over the years to a value of $225k. Under SOH the tax value went up to $125k and you have $100k in SOH tax savings (tax value went up a max of 3%). Now you buy a new home down in DeSoto for $300k, your taxes are now based on $200k because of the portability act under SOH. Your new neighbors who just moved her from somewhere up north paid the same for their new home but will pay taxes on $300k. This is a benefit of being a Florida resident and the longer you’re a resident and a home owner the greater value to you.
The savings only applies to Florida residents and their primary residence. Obviously this is a little more complicated but this is the nuts and bolts of it.
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Good information. I wonder if this will still apply if you sold a home in FL but didn't buy another one right away, however you remained a FL resident.