How much is the homestead exemption worth?
 

Realistically, how much is the $50,000 homestead exemption actually worth? Say you're in a $350,000 property. What would (approximately, of course) the annual property tax on homesteaded vs non-homesteaded property?

In the new sections that are in Wildwood, it would be around $650 currently, based upon these rates:
4.89 Sumter
2.828 Schools State
2.27 Schools Local
2.8287 Wildwood
0.1909 Water
0.0272 Fire

But there are other advantages to homestead exemptions as you it also there are limits that will show as deferred amounts and you can carry your values over to a new property.

No cost to apply so unless you do not have a FL drivers license what is holding you back on saving some money?

The homestead exemptions lowers the assessed valuation by $50K. The tax rate in Sumter county is around $3/1000. So the exemption should save about $150/year regardless of the value of your home.

I am sure others with more knowledge than me can refine this estimate.


edit...somebody with more knowledge than me already gave you a better answer.

My home had a taxable value of $361,000 last year. I am in the non-incorporated portion of Sumter County (area with the lowest taxes)

The Homestead Exemption reduced my taxes by $382.

EDIT: I didn't read the question correctly....

My home with exemption: $3,287
If I recalculate without the exemption: $3,669

Not enough. Come on DeSantis! Let’s kill property taxes.

This is probably the mechanism DeSantis will use.
He will only eliminate property taxes on residents (i.e. with the homestead exemption).
Non residents will still pay

JUST MY OPINION.

I'm good with that. Stinks for my friends who have second non-homesteaded homes here. But it makes sense to remove to burden on FL residents and let the non-residents bare the burden.

How do you figure? Do homestead residents not use the services that property taxes support? If anything, you should only have to pay pro-rata taxes for the months you are actually in FL (plus months property is rented out).

Should people who don't use the toll road pay tolls if they are from out of state so that FL residents get a break? LOL, ridiculous argument.

I'm sure all the businesses in Florida will appreciate having the tax burden fall upon their shoulders.

Well lets get this straight right from the get go. All property taxes are theft. They are extortion. Holding a person's private property ransom with the threat of losing the property they have worked hard for for many many years.

The only fair taxes are sale taxes. I can decide if I want to avoid paying tax by not buying an item, by making my own, by refurbishing a used item, etc. If I am OK with paying taxes and want to pay, I buy.

And here in The Villages the problem is 10X worse. We get raped by the county AND The Villages for fire. Pay twice and won't ever use one. I pay for a school system I'll never use as my boys go to the charter school.

Roads can be paid for by gas taxes and tolls. Most other things sales tax. The fairest way is to allow the individual tax payer to determine if they want to pay. If they don't want to pay, they don't consume or drive in the example above.

Property tax, I have little to no choice as I have to live somewhere and rent prices have property tax built into them. We all need shelter, property tax is extortion.

I'm surprised how many fools are willing to simply hand over their wealth the all knowing and all powerful Oz.

And Sales Taxes will go up.

I’m not homestead Erin Florida, But I think this is the best way to do it.

It might make me change my residency, and spend more time on FLA, spending move on sales tax.

Thank you for explaining why I can just ignore your opinions. Paragraphs 1, 3, 4, and 5 are simply incorrect or exaggerations at best. Of course, we all are free to have whatever opinions we like, but that doesn't make them correct.

Agree.

Mostly agree.

Short sighted. You only don't need insurance until you do.

You and everyone else in the US that doesn't have school aged children, so weak argument.

Don't real estate taxes also support charter schools? They certainly do UpNorth.

Agree.

Agree.

There is another option?

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So we mostly agree on all your points above, but you ignored my assertion: