It's not really a percentage reduction in the taxes. It's a $50,000 reduction in the assessed value of the property. If the assessed value is $100,000, the homestead exemption of $50,000 brings the assessed value to $50,000 and your taxes are based on that value. If the assessed value is $400,000, the homestead exemption brings the assessed value down to $350,000. Then it's even more complicated in that the homestead exemption is worth only $25,000 when it comes to school taxes.
Your estimate of $5600. sounds a little high. Does it include the bond payment and the maintenance and fire assessments? If so, you should subtract those items as they have nothing to do with property taxes.
You can do your own sleuthing on the Sumter Co. property appraiser's website to see how comparable properties to yours are assessed. Since you just closed in December, you may see only land values reflected for your lot, but if you can identify a Lily model on an older street in another village and type in the street name you'll see how assessed values range with and without the exemption. I can't tell you the exact way to type the name but you most likely can Google "Sumter Co. FL Property Appraiser to get to it."
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