Quote:
Originally Posted by kkingston57
Not to be negative but homestead exemption only lessens the value of your home by $50,000 and will have a minor impact. You did not mention what you paid for the home. On bright side your future taxes can not increase more than 3%.
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Not totally correct. The 3% cap you speak of comes courtesy of the Save Our Homes Act, also known as Portability. But...the SOH credit only applies to those eligible for the Homestead Exemption. And, the SOH credit does not kick in until the
2nd year of having the Homestead Exemption. The SOH credit does not cap
taxes at a 3% increase each year; rather, it caps the annual increase in assessed valuation of the home at 3%, or the CPI, whichever is less.
Over 1/3 of your tax bill comes from the non ad valorem items, the majority of that being the Bond payment. The only way you will ever see a decrease in those line items would be to pay off the Bond, which may or may not be advisable, depending on your personal situation.