Quote:
Originally Posted by Bill14564
My home had a taxable value of $361,000 last year. I am in the non-incorporated portion of Sumter County (area with the lowest taxes)
The Homestead Exemption reduced my taxes by $382.
EDIT: I didn't read the question correctly....
My home with exemption: $3,287
If I recalculate without the exemption: $3,669
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[B
]Homestead Exemption Properties also get Save Our Homes limits on Property Appraisal Increases.[/B]
"In Florida, homes that qualify for the "Save Our Homes" limit on annual property appraisal raises are those that have a homestead exemption. This exemption is granted to the owner who uses the property as their primary residence and has filed for it. The Save Our Homes limit caps the annual increase in the assessed value of homesteaded property to 3% or the Consumer Price Index, whichever is less. "
In my case the savings are substantial. According to Sumter County Property Appraiser, my appraised value is about 58 % of their Market Value estimate. I get the Homestead rebate also.
This is a big benefit since you get good protection each year