Florida homestead question

[jfolson01]

I have two homes I presently homestead the my Minnesota home, and I was wondering what value it is to homestead the florida home. I have a Lily model that I just closed in Dec so my taxes are approx 5600 a year. Does anyone know what the % reduction if you homestead Florida real estate?

[Carla B]

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."

[obxgal]

There are additional exemptions if you fall under certain criteria. All are
listed in the link below

http://dor.myflorida.com/dor/property/taxpayers/exemptions.html

[Pturner]

Hi Jfolson01,
If you do not live in Florida for most of the year, your Florida home will not quality for the homestead exemption. If you decide to live in Florida most of the year, I would guess that your Minnesota home would no longer qualify.

[chuckinca]

Are all owners of the property required to be Fla residents to get the exemption?


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[Tbugs]

Yes, you must be a legal Florida resident in order to get a homestead excemption. This means you must have a Florida driver license and your car must be registered in Florida with Florida plates on it. You can only homestead in one state and total of one house. You must live in Florida at least 6 months and 1 day each year.

[jojo]

I moved down ahead of my husband and was able to get my homestead exemption. He has just become a FL resident and now we have the full homestead exemption.;

[chuckinca]

Did you get half an exemption initially?


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[784caroline]

the immediate benefit is the reduction in property taxes but the longer term effect is when you are homesteaded, your Property taxes (or appraisal) is limited in the amount it can go up every year ....thus limiting your property tax increases.

[JUREK]

Did you get half an exemption initially?


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In my case yes.

[JohnN]

you get homestead in one state. the value of 50,000 at an approximate 2% tax rate gives you a net of about $1,000 annually.

all deed owners need to be florida residents.

[chuckinca]

I believe the major advantage is that it freezes the home value with maximum annual increases of 3% or the cost of living index whichever is less.

Lake and Sumter counties have an additional $25,000 exemption for those over 65.

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