Quote:
Originally Posted by rustyp
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By homesteading here in FL 14 years ago I am saving a bundle in property taxes on my FL home. My taxes on my FL home today would be double what I actually pay per the tax estimation printout the local municipality send me each year.
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Quote:
Originally Posted by HIgolfers
Wow! Homestead is saving you 50%?
We’ve been here 5 years and the way I’m reading my tax bill the homestead exemption drops our assessed value about 16%. I’m not complaining but it’s not that big a deal.
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Quote:
Originally Posted by rustyp
Big difference 5 years Vs 15 years. Also where was the market when you purchased. That is the base of your homestead price. I just looked up the house next door to mine - basically same house. Sold in 2020 their last tax bill has no exceptions - not homesteaded. They paid 3X the amount I paid in taxes.
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There are two parts to the Homestead Exemption:
1. $25,000 or $50,000 exemption on part of your tax bill. In Sumter County this would have saved anyone who had the exemption about $450 last year.
2. Cap on assessment increases. The cap rate changes every year; it has been as low as 0.1% and as high as 3.0% this year. My assessed value did not increase at all from 2020 to 2021. Any increase from 2021 to 2022 will be capped at 3% due to the exemption.
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Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
Last edited by Bill14564; 04-18-2022 at 10:46 AM.
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