Homestead Exemption
 

How much money does the Homestead Exemption really save? If your house is assessed at $250K and the HE is for $25K, are we talking a 10% reduction in the property tax bill?

Don't forget the other $25,000 that is additionally exempted from everything except school taxes. Without looking it up, I'd say that totally it was at least an $800 reduction in our taxes for a comparable property in Marion County.

Xavier (the frugal)

Taxes without the bond at least in Orlando are roughly 1.8% of the house value ie 500K house is about 9K in taxes.
With the exemption it would be 1.8% of 475K

Go here for Sumter county tax information.
Sumter County, FL - Official Website

And at age 65 (not quite there yet) I believe the exemption doubles to $50,000, but you have to go back and apply for it.

Here is a link to a Florida State site that will help explain Homestead Individual and Family Exemptions (other exemptions too):

:click:

Xavier

???
 

Anyone notice that the State of "Flor-a-duh" spelled Sumter Co. wrong on this site?:ohdear:

Can I file for Florida residency while my wife keeps her NY identity? The house in Florida is in both names. Can we take advantage of the Homestead Exemption with only half the owners (the better half) with Florida residency. I will be 65 next year and if I had my way, I'd be a FROG. Wifey isn't as ready to become a frog.

Sorry to tell you Tom but the answer is NO. We are considering changing the deeds on our houses to take advantage of tax exemptions. Deed the up North house in her name and the Villages house in my name. We would then declare our primary residence in the deeded state. That way we would have exemption in both states. For IRS purposes you can use either state as your address to file as long as the first name on the return matches that address.

We were told this by a lawyer and our accountant.

Good Luck

I'm no income tax expert, but by doing that, it would seem to me that you would have to file separate returns, and not a joint return.

Had a friend who did this exact same thing, and that's what the did with handling income tax.

I am not telling. I may or may not know. Are you trying to find out who knows? :boxing2:

I am sixteen in my heart. Just sayin'

Gracie, who is getting way too sensitive about age. :clap2::popcorn::shocked::blahblahblah:

This sounds like the kind of question one could post in the Ask the Expert a Legal Question area.

https://www.talkofthevillages.com/fo...692-post1.html

We went down to the office at the corner of Morse and 466 last Friday. I moved down here last June and transferred my license, registered one car and registered to vote. Hubby has not yet officially transferred here. The woman at the office helped us fill out the forms for a 1/2 homestead, but she said that when it gets to Bushnell they may give us the whole thing. She said a lot has to do with where your other home is and if you get a homestead exemption in that state.

You might as well go there and see what they have to say.

Sometimes I feel like I'm in my twenties at heart, but my sugically repaired knee tells me something else..........:sigh::confused:

Gracie, there's an easy solution to that problem. Simply invert the two numbers in your age and voila... you've age is cut in half, or at least close to half!
http://www.magicien-magie.com/basse-...mages/orne.jpg

There's a logical math solution in there someplace.......

Just too early on a Monday morning...........

Is there a possibility that we are related ? I mena........GEEZ !!........my wife is the same way ! Has absolutely no room for the possibility of moving not only out of NY State, but also away from the NY metro area. :ohdear:

There's always that WDW option we discussed yesterday ! :icon_wink:

... from a previous thread post ...

Xavier (the straight arrow)

Not according to our Accountant. We can file jointly. Will leave you know after we file.

Wifey says there is nothing to do down here. She keep threatening to leave me here alone. :)
if we ever get lonely, you and I can hit Disney. But remember, I want Goofey. You can take Minnie.

I don't think so, Tom. You can be Goofy if you want, but I'll take DD or one of the other MALE characters. :)

REALLY interested in that.

Didn't think that was possible.

Tom, you and I are in similar situations. If I was able to change residency to FL, I believe that I would be exempt from paying MA state income tax on my pension.

I have to do additional research and get advice from by accountant. Even if my wife doesn't spend as much time in TV as me, I envision that I'll be here more than 6 months a year. At that point, I don't know if the answer is to file
"married filing separately". As with most things, there are advantages and disadvantages.

To file for homestead do you go to 466 and Morse or 466A and Powell or either. The appraisers office is listed at both places?

time is running out
 

I think you only have until Feb 29 (tomorrow) to file for this year (or is it last yr?) but it has to be done by tomorrow for sumter county anyway

466 and Morse

nkrifats - thank you - this filing is for 2012, I think rikthemc!

Filing deadline is March 1st - 5 pm. - I can't believe we kept pushing this off - now it is get a license, registration and file. Thank goodness it is a leap year - oldest daughter celebrates her 10th birthday which makes her . . . and us - running crazy. I am such a procrastinator.