Homestead Exemption - Taxes

[pivo]

I'm still trying to make it down to tv, but going through some of the listing they listed if a homesteader the taxes were about a thousand dollars cheaper,
What is a homesteader ? Thank You

[Bill-n-Brillo]

I'm still trying to make it down to tv, but going through some of the listing they listed if a homesteader the taxes were about a thousand dollars cheaper,
What is a homesteader ? Thank You

I believe you're seeing listings for people who have homestead exemption(s). Here is some info on the topic (from Sumter County property appraiser's web site):

http://www.sumterpa.com/Exemptions.asp

Bill :)

[pivo]

Thank's Bill. I understand now

[Bill-n-Brillo]

Thank's Bill. I understand now

You're welcome - glad it helped!

Bill :)

[Single Track]

Call me thick but I don't get it. Hypothetically, if your annual property tax is $2,000 - $3,000, what does the $50,000 exemption mean? Does it mean that any property tax you owe under $50,000, you don't have to pay? Does it serve as a deduction on your income tax? Someone else has always done my taxes so I'm just learning some of this stuff for the first time. I can't wait to meet some of you knowledgeable guys when I become a Villager in the next year.

[Posh 08]

Call me thick but I don't get it. Hypothetically, if your annual property tax is $2,000 - $3,000, what does the $50,000 exemption mean? Does it mean that any property tax you owe under $50,000, you don't have to pay? Does it serve as a deduction on your income tax? Someone else has always done my taxes so I'm just learning some of this stuff for the first time. I can't wait to meet some of you knowledgeable guys when I become a Villager in the next year.

If the tax value of your home is $200,000, the exemption of $50,000 would lower your tax value to $150,000. Then your taxes would be calculated on $150,000 instead of $200,000.

[Carla B]

No, it means that you will be taxed on the assessed value of your property minus an exemption of $50,000 for all non-school taxes if you are homesteaded.. Therefore, if your home is assessed at $250,000 you will be taxed on $200,000. You have to be a legal resident of Florida in order to qualify for the exemption.

The exemption becomes of major importance if ever real estate prices in Florida start back up, because assessed valuations on homesteads cannot exceed 3% per year.

[2BNTV]

Single track:

A detailed explanation in the Nuts and Bolts by Zcaveman:

Florida Homestead Exemption
If this is your primary home, you will get a $50,000 homestead exemption when you reside in your new home as of January 1st of that year. Be sure to file for your homestead exemption if you are a permanent resident. You will need a Florida Drivers License for registration. Please go to http://www.sumterpa.com/Exemptions.asp to see more detailed information on the Homestead Exemption and the requirements and benefits.

Click on the link.

[Single Track]

Great explanations everyone. I think I get it now. I will read the Nuts & Bolts section to clarify even further.

Since you people have all the answers, can you tell me what the lottery numbers are going to be for the next week so I can get to TV even sooner.

Thanks all.

[Figmo Bohica]

Nay, we keep those a secret so that we keep all the winnings down here. *S*

Also there is an exemption if you are a disabled vet. Proof of that is in the VA paperwork on your disability.

[2BNTV]

Great explanations everyone. I think I get it now. I will read the Nuts & Bolts section to clarify even further.

Since you people have all the answers, can you tell me what the lottery numbers are going to be for the next week so I can get to TV even sooner.

Thanks all.

Single track:

If I knew the lottery numbers for the next week, I would have never left TV when I first visited four years ago. :)

[brostholder]

Just to add one more factoid. If your Florida residence is your permanent residence, but you own another residence (i.e. you are renting out your home up north) you will have to produce a letter from the tax department stating that your other home does not have a homestead exemption, even if it is in another state.