Quote:
Originally Posted by Pballer
Change "snowbird" to "non-Florida resident". The big prize is not the homestead exemption: the big prize is that your assessed value cannot increase more than the CPI or 3 percent per year whichever is less.
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correct. We bought in 2021, and changed our residence in February of 2021 from NY to FL. As we tried to predict how our new home would affect our finances, I spent some time studying the way the tax assessments work.
Our previous owner (we bought a pre-owned home, build in 2006, from the original owner) had years of homestead control on the taxable assessment. I knew that would be reset with our purchase.
Fast-forward to late summer when I got the tax notice and I was pleasantly surprised that it wasn't higher. Then, I thought it through a bit further and realized that the assessment was done before we bought the house, and remembered that taxes are payed "in arrears", so the previous owner's assessment and homestead preferences applied for my first tax bill.
I will get the big hit with my next tax bill, when all of her years of homestead valuation go away, plus the effect of the recent run-up gets factored in. Really looking forward to that.