Any suggestions appreciated..... Homesteading

[ChattanoogaTn]

Hello Villagers....
Trying to figure out when I move down in a couple months is how to have seperate cars "registered" in 2 states "and" being able to use the Homestead Exemption. I have thought of registering in Fla one car in my name and using Homestead Exemption in my name and leaving home in Tenn and registering other cars in Tenn to my wife. This way I can claim the Homestead with Fla tag on 1 car and still not worrying about getting a ticket with other cars already registered in Tenn since they will be in my wife's name.

Just trying to figure out how to "insure" both states with car insurance.

Any suggestions as I am sure others are doing this. :shrug:

[zcaveman]

Please look at the Nuts and Bolts section. Auto registration is covered in my Things to Think about when moving to the Villages.

The cars are easy.

The Homestead Exemption thing is another ball game. You can only get homestead exemption when the home in Florida is your primary residence. I would guess that if you wholly own the home in Florida and your wife wholly owns the home in Tenn you might have a shot. I think you actually have to live here more than 6 months a year. But I would pass it by a lawyer before I would think of doing it.

Also Homestead rebate and car registration are two different things. I am not sure what your concern is. They ticket all cars regardless of state if you are breaking the law.

[chuckinca]

Hello Villagers....
Trying to figure out when I move down in a couple months is how to have seperate cars "registered" in 2 states "and" being able to use the Homestead Exemption. I have thought of registering in Fla one car in my name and using Homestead Exemption in my name and leaving home in Tenn and registering other cars in Tenn to my wife. This way I can claim the Homestead with Fla tag on 1 car and still not worrying about getting a ticket with other cars already registered in Tenn since they will be in my wife's name.

Just trying to figure out how to "insure" both states with car insurance.

Any suggestions as I am sure others are doing this. :shrug:


To get Fla plates on a car, it has to be insured in Fla; to get Fla insurance you have to have a Fla Driver's License within 90 days of the issue of the insurance. You can get a "Florida Only" Driver's License if you request it and it is only good in Fla and you get to keep your out of state license (can even put your out of state address on it!).

.

[dfn8tly]

Instead of expending so much energy trying to get around the sysem, why not give yourself the peace of mind knowing you're a good citizen? Staying within the rules will help you sleep better and makes everyone happier.

[jrjr729]

Hello

Have you bothered to run the numbers? If you ca;cu;ate the true value of the homestead exemption you will discover that it is only worth about $389. For the purposes of this calculation I am assuming that you will be itemizing deductions next year and that you are in the 25% tax bracket.

The so-called $50,000 reduction is broken into two parts. the first $25,000 reduces your entire tax by the total Sumter County millage rate. But the second $25,000 tax break is limited to non-school taxes. In Sumter County school taxes make up slightly more than half of the tax rate. In addition, reducing those taxes wil also reduce your real estate tax deduction on your federal forms from what it could have been. (That is not a reason to not do it but it does mean that your effective saving will be less.)

Now, how much is it going to cost you to register your car in Florida and pay for Florida car insurance? I don't know. But if it's more than $389, I wouldn't do it. Given the hassle involved it probably isn't worth it at all.

You can read all about this and other things in my as yet uncompleted work called The Newcomers Guide to The Villages. No really, I am stuck in Delaware with a broken ankle and began writing this for something to do. It is now about eighty pages long and will probably top out at over one hundred. If you would like a copy, I'll e-mail one to you. the price is right. What you pay is your decision. It could therefore be free.

[jrjr729]

Hello

Have you bothered to run the numbers? If you calculate the true value of the homestead exemption you will discover that it is only worth about $389. For the purposes of this calculation I am assuming that you will be itemizing deductions next year and that you are in the 25% tax bracket.

The so-called $50,000 reduction is broken into two parts. the first $25,000 reduces your entire tax by the total Sumter County millage rate. But the second $25,000 tax break is limited to non-school taxes. In Sumter County school taxes make up slightly more than half of the tax rate. In addition, reducing those taxes wil also reduce your real estate tax deduction on your federal forms from what it could have been. (That is not a reason to not do it but it does mean that your effective saving will be less.)

Now, how much is it going to cost you to register your car in Florida and pay for Florida car insurance? I don't know. But if it's more than $389, I wouldn't do it. Given the hassle involved it probably isn't worth it at all.

You can read all about this and other things in my as yet uncompleted work called The Newcomers Guide to The Villages. No really, I am stuck in Delaware with a broken ankle and began writing this for something to do. It is now about eighty pages long and will probably top out at over one hundred. If you would like a copy, I'll e-mail one to you. the price is right. What you pay is your decision. It could therefore be free.

[SteveFromNY]

To get Fla plates on a car, it has to be insured in Fla; to get Fla insurance you have to have a Fla Driver's License within 90 days of the issue of the insurance. You can get a "Florida Only" Driver's License if you request it and it is only good in Fla and you get to keep your out of state license (can even put your out of state address on it!).

.

I insured my motorhome in FL and registered it at my house in FL last summer. I will have my NY license until Oct of this year when I retire.

[angel222]

I'm confused by some of the answers here....I had my car insurance changed to Florida in June and was told I have only 30days to get a Florida license by the insurance agent. When I got my Florida license they confiscated my NY drivers license and said I could not have drivers licenses in two states. Right now I'm in NY and had to use my Florida license to rent a car here since I left my own vehicle in Florida .... the rental is costing me a fortune!!!

[MelZ]

Angel:

You could have gotten a "Florida only drivers License" which doesn't require you to surrender your NY License. That license can be used to register vehicles in Florida.

BTW NY doesn't not permit you to keep a NY license if you have one in another state.