[cordenny]

Does anyone know if there is an additional homestead exemption if you are age 65 or older?

[Nucky]

Originally Posted by cordenny

Does anyone know if there is an additional homestead exemption if you are age 65 or older?

Yes, there is an additional exemption.

[spring_chicken]

Did you check at your county website?

[retiredguy123]

The over 65 homestead exemption is only available for low income households or individuals.

[manaboutown]

Originally Posted by retiredguy123

The over 65 homestead exemption is only available for low income households or individuals.

That is typical.

[EdFNJ]

"Senior Citizen Exemption for Persons Age 65 and Over. There is an additional $50,000 homestead exemption (Florida Statute 196.075) for person 65 and older. The adjusted gross income requirement for 2018 cannot exceed $29,454 for all members of the household."

[Nucky]

Originally Posted by EdFNJ

"Senior Citizen Exemption for Persons Age 65 and Over. There is an additional $50,000 homestead exemption (Florida Statute 196.075) for person 65 and older. The adjusted gross income requirement for 2018 cannot exceed $29,454 for all members of the household."

Perfect Ed, I just didn't know the details but saw the difference in the taxes I pay and the taxes the people we bought from did pay. I figured being over 65 was the reason.

[Goldwingnut]

Originally Posted by Nucky

Perfect Ed, I just didn't know the details but saw the difference in the taxes I pay and the taxes the people we bought from did pay. I figured being over 65 was the reason.

The difference was probably due to the save our homes act and not any additional age exemption. Under SOH as a Florida resident your primary residence property taxes can go up only 3% per year even if the value of the home goes up more. This savings builds up quickly over time and can make a substantial difference on the taxes due every year. When someone buys the home the taxes go to the current unadjusted value. The value of this savings is shown every year on the bottom of your county tax statement.
This was enacted during the explosive growth years here in Florida when property values skyrocketed and people, especially those on fixed incomes, could not afford the rapid tax increases.
There is another side to this that’s good for you also. The savings are portable, if you have $100k in SOH savings in you current home because the value went up and you sell the home and buy a new one in Florida that $100k savings is applied to your new home’s taxes.
Say 10 years ago you bought a home here in TV for $100k, it went up in value over the years to a value of $225k. Under SOH the tax value went up to $125k and you have $100k in SOH tax savings (tax value went up a max of 3%). Now you buy a new home down in DeSoto for $300k, your taxes are now based on $200k because of the portability act under SOH. Your new neighbors who just moved her from somewhere up north paid the same for their new home but will pay taxes on $300k. This is a benefit of being a Florida resident and the longer you’re a resident and a home owner the greater value to you.
The savings only applies to Florida residents and their primary residence. Obviously this is a little more complicated but this is the nuts and bolts of it.

[Challenger]

Originally Posted by Goldwingnut

The difference was probably due to the save our homes act and not any additional age exemption. Under SOH as a Florida resident your primary residence property taxes can go up only 3% per year even if the value of the home goes up more. This savings builds up quickly over time and can make a substantial difference on the taxes due every year. When someone buys the home the taxes go to the current unadjusted value. The value of this savings is shown every year on the bottom of your county tax statement.
This was enacted during the explosive growth years here in Florida when property values skyrocketed and people, especially those on fixed incomes, could not afford the rapid tax increases.
There is another side to this that’s good for you also. The savings are portable, if you have $100k in SOH savings in you current home because the value went up and you sell the home and buy a new one in Florida that $100k savings is applied to your new home’s taxes.
Say 10 years ago you bought a home here in TV for $100k, it went up in value over the years to a value of $225k. Under SOH the tax value went up to $125k and you have $100k in SOH tax savings (tax value went up a max of 3%). Now you buy a new home down in DeSoto for $300k, your taxes are now based on $200k because of the portability act under SOH. Your new neighbors who just moved her from somewhere up north paid the same for their new home but will pay taxes on $300k. This is a benefit of being a Florida resident and the longer you’re a resident and a home owner the greater value to you.
The savings only applies to Florida residents and their primary residence. Obviously this is a little more complicated but this is the nuts and bolts of it.

Thanks for the simplified explanation (I needed it) This is the kind of stuff that makes this site so valuable.

[CFrance]

Originally Posted by Goldwingnut

The difference was probably due to the save our homes act and not any additional age exemption. Under SOH as a Florida resident your primary residence property taxes can go up only 3% per year even if the value of the home goes up more. This savings builds up quickly over time and can make a substantial difference on the taxes due every year. When someone buys the home the taxes go to the current unadjusted value. The value of this savings is shown every year on the bottom of your county tax statement.
This was enacted during the explosive growth years here in Florida when property values skyrocketed and people, especially those on fixed incomes, could not afford the rapid tax increases.
There is another side to this that’s good for you also. The savings are portable, if you have $100k in SOH savings in you current home because the value went up and you sell the home and buy a new one in Florida that $100k savings is applied to your new home’s taxes.
Say 10 years ago you bought a home here in TV for $100k, it went up in value over the years to a value of $225k. Under SOH the tax value went up to $125k and you have $100k in SOH tax savings (tax value went up a max of 3%). Now you buy a new home down in DeSoto for $300k, your taxes are now based on $200k because of the portability act under SOH. Your new neighbors who just moved her from somewhere up north paid the same for their new home but will pay taxes on $300k. This is a benefit of being a Florida resident and the longer you’re a resident and a home owner the greater value to you.
The savings only applies to Florida residents and their primary residence. Obviously this is a little more complicated but this is the nuts and bolts of it.

Good information. I wonder if this will still apply if you sold a home in FL but didn't buy another one right away, however you remained a FL resident.

[Villageswimmer]

Originally Posted by CFrance

Good information. I wonder if this will still apply if you sold a home in FL but didn't buy another one right away, however you remained a FL resident.

If you call the Sumter County Appraisers Office, they’ll explain it. When I talked with them, I understood while on the phone with them. I wouldn’t attempt to try to explain it to anyone. Bless them—they’re very patient.

[Nucky]

I think GOLDWINGNUT should take the NUT part off his handle. Bravo, great information. Thank You.

[CFrance]

Originally Posted by Villageswimmer

If you call the Sumter County Appraisers Office, they’ll explain it. When I talked with them, I understood while on the phone with them. I wouldn’t attempt to try to explain it to anyone. Bless them—they’re very patient.

Will do.

[Goldwingnut]

Originally Posted by Nucky

I think GOLDWINGNUT should take the NUT part off his handle. Bravo, great information. Thank You.

Thanks, just passing on what I've learned over the last 12 years of living in FL. One of the nice things about the Save Our Homes is that it only applies upwards, if property values drop, so do your taxes.

We move to FL in 06 to Haines City (about an 90 min south on US27, next to Winter Haven-Legoland) and purchased a home, then the market dropped out the bottom. It hurt in may ways but helped in others when the bottom fell out of the housing market. My annual Property taxes dropped from $3650 in 2007 to $770 in 2012 when the market finally turned in Haines City. Then numbers are pretty interesting when you see how SOH plays out

2006 - Purchased Home
2007 - First tax bill $3560
2009 - taxes $2250
2012 - tax bill $770
2013 - put in a pool and was reassessed $1212.61
2014 - house sold new owner property tax for partial year $1639.75
2015 - Home now a rental, no SOH savings, $3325
2018 - current tax bill $3900

Had I stayed in the home my tax bill because of SOH limits would be $1447 for the year 2019.

As you can see, SOH has a huge impact on the taxes you pay on your primary residence, if it's a rental property, no help.

When I sold the house, I got back almost what I paid for in 7 years earlier but also took with me the growth in value from when the market hit bottom in portability because of the market recovery in the home's value. This is applied to the value of my home in TV to help keep my taxes lower.

SOH is a good thing, Amendment 1 on the ballot Tuesday keeps it, we should all be voting to keep it.

[EdFNJ]

Originally Posted by Nucky

Perfect Ed, I just didn't know the details but saw the difference in the taxes I pay and the taxes the people we bought from did pay. I figured being over 65 was the reason.

Unless you actually applied for it (submitting form DR501SC every year) that probably wasn't what you got.