Quote:
Originally Posted by Bill14564
Please reread the original post - the OP’s question was very specific and is not answered by SOH information.
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Bill and EDJ (OP),
The real question was wider than Homestead Exclusion only, but was not stated. See Response #30 by EDJ where he admitted he did not know about SOH benefits and he was trying to decide where to establish residency.
My responses and other responders were aimed at answering the wider question about where to declare residency.
Once you apply for and get approval for the Homestead Exclusion, you automatically get the SOH benefits. As you later point this out, the Sumter County Property Appraisers Office shows how this worked for you in the past. The SOH benefit is not fixed but the limit on appraisal increase is fixed at 3% per year. In my case the savings in taxable value for 2025 Property tax is more than 300,000. We have owned the home for 9 years.....and I still get an additional 50K Homestead exclusion.
I have not gone back and calculated the savings for each year. It is sizable and more than the effect of the Homestead Exclusion.
The task now for EDJ is to compare what each state may offer the home owner to declare residency in that state. Here are a few considerations based on a quick look at Tennessee Tax situation a while back.
1.Tenn. and Fla both have no state income tax.
2. Tenn. offers no Homestead Exclusion to reduce taxable value but taxes residences at 25% of the assessed value. I believe this is the same for both Resident and non Resident Owners. Qualifying as Florida residents seems better at first glance once you decide to have two homes.
3. I did not look any further.
Good Luck!