Homestead exemption

[KEVIN & JOSIE]

I read the following in a Kiplinger publication report in reference to Homestead exemption taxes:

A homeowner who is new to the state may qualify for a homestead exemption within one year of residence in Florida if he has not owned property in the state for the previous three years. This homestead exemption, which is equal to 50 percent of the homestead property�s market value, is for all levies other than school district levies. This exemption applies for five years or until the year the property is sold, whichever occurs first. The amount of the additional exemption is reduced in each subsequent year by 20% or by an amount equal to the difference between the market value of the property and the assessed value of the property, whichever is greater. :shrug:

Does this mean after five years you lose the exemption, or am I misunderstanding this? Thank You

[getdul981]

Homestead Exemption (Section 196.031, F.S.)
Every person who has legal or equitable title to real property in the State of Florida and who resides thereon and in good faith makes it his or her permanent home is eligible to receive a homestead exemption of up to $50,000. The first $25,000 applies to all property taxes. The additional $25,000 applies to any assessed value over $50,000 and only to non-school taxes. First time applicants are required to furnish their social security number, and should have available evidence of ownership i.e., deed, contract, etc. If title is held by the husband alone, a wife may file for him, with his consent, and vice versa.
If filing for the first time, be prepared to provide the following information declaring that you were living in the dwelling which is being claimed for homestead exemption on January 1:


^top

Homestead Exemption Portability (Section 196.031, F.S.)
Each applicant will have to fill out Form DR-501T, "Transfer of Homestead Assessment Difference," in the office of the property appraiser of the county in which their new home is located. Required information on this form includes the date that the previous homestead was sold or no longer used as a homestead, the address and parcel identification number of the previous homestead, a list of all other owners of the previous homestead, an affirmative statement that none of the previous owners remained in the homestead and continued to receive a homestead exemption, and a sworn statement that he or she received the homestead exemption on the previous parcel. Form DR-501, "Original Application for Ad Valorem Tax Exemption" should also be completed to apply for the homestead exemption on the new homestead.

[KEVIN & JOSIE]

I'm still confused. Does the homestead expire after 5 years, or is the amount reduced in your primary home?

[KEVIN & JOSIE]

Does anyone know?

[THE NEWCOMER]

Sumter County Tax Collector! They are in the book.(352)793-0265.

[KEVIN & JOSIE]

Thanks, they answered my ?

[REDCART]

Thanks, they answered my ?

Why not share the answer with us on TOTV? I suspect the answer is "no" your homestead exemption does not expire after 5 years but it would be helpful since you raised the original question to share the answer from the Tax Collector.

Curious George

[Duvalboomer]

It does not expire after 5 years

[bluiiis]

They sent me a letter stating that you couldn't apply for that if you made over $27,500 a year.

[Paperboy]

Thanks, they answered my ?

So what's THE ANSWER?????????????????

[lpkshop]

We just received the tax statement for 2014, there is no mention of the homestead credit. Does that come separately ?

[janmcn]

We just received the tax statement for 2014, there is no mention of the homestead credit. Does that come separately ?


It should be listed right on your tax bill. Did you own the house on January 1, 2013 and apply for it before March 31, 2013?

[Lovey2]

As far as I know, having moved up here from SW FL, it DOES NOT expire after 5 years. I had mine for 23 years in SWFL. I DID just recently lose it for a year, since I moved here in April, and not the 1st of the year. They tell me it stays with the home (I sold) till 2014, then I will get it again. Also, my Save The Homes (cap of % tax increase) doesn't seem to have applied (yet) on the TRIM notice. I'm thinking that's because the home I sold had a higher value than what I bought here. That should kick in next year also. I'm a little miffed about this. The person we sold the old house to (we hold the mortgage) bought in a family members name that owns another property in our area, and 1 in NY, so they don't deserve the Homestead Exemption, yet I'm here for 24 years and I lose it?? Doesn't seem fair, but....

[Lovey2]

No...that should show on your TRIM notice. Also...it says..."5 years or until the property is sold".

[Dr Winston O Boogie jr]

We just received the tax statement for 2014, there is no mention of the homestead credit. Does that come separately ?

Did you go to the county office and apply for it by filling out the forms? I did and it was quite easy.

Bring your tax bill to the main tax collector's office in your county. (Mine is Lake and we had to drive down to Tavares). The people there will help you fill out the necessary forms. The tax exemption will go into effect during the current tax year so you will not get any discount on your current tax bill.

[DougB]

I'm still confused. Does the homestead expire after 5 years, or is the amount reduced in your primary home?


Homestead exemption does not expire. I have had it for 32 years in Florida. Never lost it for any period of time in moving from one house to another. You can only have homestead exemption on one house.

[Fourpar]

They sent me a letter stating that you couldn't apply for that if you made over $27,500 a year.

Don't know where you got that, but homestead exemption has nothing to do with income....See phone number of Sumter County Property Appraiser above.

[DougB]

Don't know where you got that, but homestead exemption has nothing to do with income....See phone number of Sumter County Property Appraiser above.

For the extra 25,000 exemption, it is based on income.

From 2013, I would assume 2014 to be the same.
Many Florida senior citizens are now eligible to claim a second $25,000 Homestead Exemption -- which applies only to the County's portion of the taxes and city taxes for residents of cities that also adopted the additional exemption. By local option, cities may adopt an ordinance increasing this exemption "up to $50,000". In order to qualify for the Low-Income Senior Exemption for 2013, an applicant must be 65 or older as of January 1, 2013 AND have a combined household adjusted gross income for 2012 not exceeding $27,590 (note: this number is adjusted annually in January to reflect the percentage change in the average cost-of-living.

[T-325]

So just to be clear... there is the $50,000 exemption and now there is an additional $25,000 for those households with a total income under $27,590?

(This is a question ;) )

Follow up not a complete answer:

From http://www.lakecopropappr.com/exemptions.aspx#homestead

Homestead Exemption

If you own property that you are using as your permanent residence as of January 1, 2013, you may be eligible for significant tax savings by filing for Homestead Exemption. A Homestead Exemption can reduce the taxable value of your Homestead property by up to $50,000, resulting in a tax savings of approximately $782 annually on average. This amount will vary from city to city due to differing tax / millage rates.

Limited Income Senior Exemption

If you are a permanent with a Homestead Exemption and you are 65 years of age or older as of January 1 in the year you file for this exemption; and your adjusted gross household income does not exceed $27,590 (this amount to be adjusted annually by the Florida Department of Revenue), you may qualify for an additional exemption of up to $50,000. The exemption amount varies by taxing authority. To apply, an application along with Proof of Income must be submitted.

You may apply in person or by mail during the application filing period of January 2 and March 1.

Lake County Property Appraiser
P.O. Box 1027
Tavares, FL 32778-

[lpkshop]

ok found the 50000 credit on my TRIM statement. Thanks

[DougB]

So just to be clear... there is the $50,000 exemption and now there is an additional $25,000 for those households with a total income under $27,590?

You can get a 25,000 exemption on your primary residence. If you are older than 65 and make less than 27,590, you can get an additional 25,000 exemption for a total of 50,000.
Never mind, I see you answered your q.

[btf2008]

Nevermind...found another thread that answered my questions.

Speaking of TRIM statements....what is the maintenance fee on the back? Is this separate from the amenity fees we pay monthly...?