Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Homestead Tax
Getting ready to take the plunge and become a Villager. I have questions about the Homestead Tax.
How does it effect us as owners in TV? Is the tax amount the same as quoted by the sales staff or will I be in for any unexpected surprises? When does it take effect? And do we have to do any thing special to be granted the tax break?
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Born and Raised in NJ, Elmwood Park first 23 years, Howell past 40 years, TV in my future. |
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#2
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#3
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WE too just moved here..... $50,000 exemption thru using the "Homestead Exemption" and making this our permanent residence!!
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#4
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If your Florida home is your permanent residence, then you are entitled to a $50,000 Homestead property tax exemption. Property taxes are based on the purchase price of the home. For example, if your home purchase price is $200,000, then you will be taxed on $150,000 (divided by 1,000 times mill rate = yearly tax). You do have to apply in person at the County Property Tax Appraiser's Office between Jan 1 and March 1 of the year for which the exemption is sought. You must show a Florida driver's license and have registered your car in Florida. Renewal is automatic each year unless you have made a change.
The Villages is in 3 counties and each county has its own mill rate. I believe Sumter is the lowest, followed by Lake then Marion counties. Ask you realtor if he/she quoted taxes based on Homestead. Hope this helps.
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England, Canada, Connecticut, The Villages-FL |
#5
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For you veterans with a service connected disability........you are also entitled to a tax credit along with the homestead.
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#6
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Go to this location to check out various exemptions you may be eligible for:
http://www.sumterpa.com/Exemptions.asp Of note: Only $25,000 of the $50,000 exemption mentioned above applies to school taxes - the biggest item on your tax bill.
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New York, California, Pennsylvania, Florida |
#7
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New York, California, Pennsylvania, Florida Last edited by BogeyBoy; 02-10-2010 at 10:13 AM. |
#8
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I was quoting from both the real estate agent I used when buying my resale and also from Lyle Gant's FAQs. I also just called the Tax Appraisor's office to make sure of my facts and was told YES, when you first purchase a home, property taxes for that year are based on the purchase price of the home.
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England, Canada, Connecticut, The Villages-FL |
#9
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I think Peazoup is correct on this one. It is my understanding that taxes are initially based on the purchase price of the home!
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Barefoot At Last No act of kindness, no matter how small, is ever wasted. Saving one dog will not change the world, but surely for that one dog, the world will change forever. |
#10
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The following examples are from Sumter County. I'll use an example I have first hand knowledge of on a resale: Purchased last year for $269,000. Assessed value that they paid taxes on: $219,337. Here's another example of a house at random right off of the County Property Appraiser's web site: House bought new in Jan 2006 - $262,500 2006 taxes were based on an assessed value of $210,191 Same house re-sold in April 2007 for $305,000. 2007 taxes were based on an assessed value of $215,445 2008 taxes were based on an assessed value of $218,034 2009 taxes were based on an assessed value of $212,466 In this example the owners claimed the homestead exemption and the taxable value of the property was $162,466, except for the school taxes which were based on a taxable value of $187,466. I did another at random just to make sure I wasn't missing some portability issue or something else. Home bought new in 2005 for $240,000. Sold in Jan 2008 for $287,500. First years assessed value after re-sale: $181,281. If they had believed they would be paying taxes on the $287,500 sales price I bet they were happy when they got the tax bill.
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New York, California, Pennsylvania, Florida |
#11
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Surprise at closing
My experience is that BogeyBoy is right about the assessed value being the basis for taxes. My real estate agent told me it was based on the purchase price of the home and I would continue to get the previous owner's exemption for 2011. Neither of these statements turned out to be correct. I called the tax appraiser's office and was told that for the remainder of 2011 I would not get the exemption, that the tax was based on tax appraiser's assessment, and that I had to be full time resident on January of the tax year, so the earliest I can get the exemption is 2012, and you have until March of 2012 to apply. This is for Marion County
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