Homestead rebate and income tax
 

Would appreciate it if someone would post what the Florida homestead rebate for taxes amounts to and also is there currently a Florida income tax as their is in my home state?

Tnx

Property tax homestead exemption is $50000, except on school tax.
There is no state income tax......yet

Many tnks Bogie for the info. I was pretty sure there was no income tax in Florida.

When you ask how much it amounts to, I'm thinking you might mean what it's actually worth to you in dollars. For us in a small Designer home, getting the homestead exemption will mean property taxes of about $600 less. And yes, Florida (at least for now) has no income tax, as already mentioned in this thread.

Sidney, I'm surprised you are going to save $600, may calcualation was closer to $325. Since school tax isn't affected and on my bill school tax is 50% of the total taxes paid, it cuts the benefit in half....maybe I'm missing something (of course saving $325 is a good thing).....GN

We had to pay our tax bill in person last month, as our actual paper bill was wandering somewhere in the postal system with a screw-up on the date to start forwarding. We asked the tax collector if she could tell us how much the difference would be between the current bill we were paying (without homestead exemption) and next year's (with it), and she figured around $600. I didn't calculate anything; I wouldn't know how to. I went by what she had said, and I guess she could have made a mistake too.... (P.S. We live across Churchill Downs from you.)

I saw the recent pictures from Crispers, I think you may have scared her...GN

Just reduce the taxable value by $50000 and recalculate the taxes. Excluding school tax.

I just recently filled out the paper work for homestead exemption and was surprised that it said you get $25,000 and can possibly get another $25,000 if you are low income and over 65 yrs old. This was not the way I thought it worked and I'm wondering if anybody has better info. Were they using old forms, or is that the way it is?

j
Try here:
Lake County Tax Collector
www.laketax.com

Sumter County Tax Collector
www.sumtertaxcollector.com

Marion County Tax Collector
www.mariontax.com

There are also phone numbers on each of these sites.

As far as an Income Tax goes, Florida's constitution prohibits same as I understand it, and to change that would take a general election. So the chances of Florida having an income tax in the near future are indeed slim.:pepper2:

Perhaps there won't be a state income tax in Florida but what's to stop the sales tax from going to 25% or more... :undecided: The government will get the money they need somehow, someway. There just aren't free rides available, money to operate the budgets of states comes from the constituents.