[rustyp]

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[HIgolfers]

Originally Posted by rustyp

An excellent question almost impossible to answer. I have done the snowbird thing for 14 years +. I did make the decision to become a FL resident early in the game. At that time it was an easy decision because I was an early retiree in my 50's and it saved me from paying income tax to my northern state. However after 65 and pensions and other old people benefits I think it might be close to a wash from that end today for my own particular set of circumstances. I will tell you where the real advantage has now been for me - homestead. My northern state does not have a very lucrative type of homestead benefit. By homesteading here in FL 14 years ago I am saving a bundle in property taxes on my FL home. My taxes on my FL home today would be double what I actually pay per the tax estimation printout the local municipality send me each year.

Wow! Homestead is saving you 50%?
We’ve been here 5 years and the way I’m reading my tax bill the homestead exemption drops our assessed value about 16%. I’m not complaining but it’s not that big a deal.

[rustyp]

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[Bill14564]

Originally Posted by rustyp

...

By homesteading here in FL 14 years ago I am saving a bundle in property taxes on my FL home. My taxes on my FL home today would be double what I actually pay per the tax estimation printout the local municipality send me each year.

Originally Posted by HIgolfers

Wow! Homestead is saving you 50%?
We’ve been here 5 years and the way I’m reading my tax bill the homestead exemption drops our assessed value about 16%. I’m not complaining but it’s not that big a deal.

Originally Posted by rustyp

Big difference 5 years Vs 15 years. Also where was the market when you purchased. That is the base of your homestead price. I just looked up the house next door to mine - basically same house. Sold in 2020 their last tax bill has no exceptions - not homesteaded. They paid 3X the amount I paid in taxes.

There are two parts to the Homestead Exemption:
1. $25,000 or $50,000 exemption on part of your tax bill. In Sumter County this would have saved anyone who had the exemption about $450 last year.

2. Cap on assessment increases. The cap rate changes every year; it has been as low as 0.1% and as high as 3.0% this year. My assessed value did not increase at all from 2020 to 2021. Any increase from 2021 to 2022 will be capped at 3% due to the exemption.

[rustyp]

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[Bill14564]

Originally Posted by rustyp

Yes the answer is #2. What you are missing here is I purchased in TV in immediately after the housing crash of 2008 when prices were at the bottom. There are a couple more exception I have also like over 65. I wouldn't get any exceptions here in TV if I were not a FL resident. Which is what the OP was asking. Also why I responded it is almost impossible to answer the OP question due to the set of circumstances for each case is most likely unique.

I modified my post to reflect the changes in the cap; I didn't realize the cap could be less than the 3% maximum. I'm looking forward to some of those 0.1% and 0.3% years.

[valuemkt]

Originally Posted by rustyp

Great post however not related at all to the question. The OP owns two homes one in VA and one here in TV. The question- is there an advantage of changing his VA residency status to FL residency status.

Then financials aside, it depends on where you think your vote will count more

[Stu from NYC]

Originally Posted by valuemkt

Then financials aside, it depends on where you think your vote will count more

Easy answer but might get me in trouble here so I will not.

[Garywt]

Originally Posted by Stu from NYC

Easy answer but might get me in trouble here so I will not.

I would never consider a vote when deciding on where to live. So far down the list that I would never get to it.

[tophcfa]

One downfall of Florida is that no businesses seem to offer Senior citizen discounts : (

[photo1902]

Originally Posted by MDLNB

Florida is GREAT if the folks that migrate here from the North will just quit trying to make it into the state they left.
Personally, I did not move here just because it is Florida. I moved to The Villages because it is a great place for my very social spouse, and there is plenty for anyone to do. There is no Florida income tax, but I didn't pay state income tax where I lived previously anyway. The weather is great if you enjoy warm weather....I do. The crime rate IN The Villages is very low, but that doesn't count if you are deciding to live elsewhere in Florida. Seafood is great, but you can get seafood in many other coastal states.
It does not matter what is appealing to others, it is what is important to you. I don't allow anyone else decide how I should feel (other than my spouse). They may have reasons that do not matter to you. Figure it out for yourself.

Very nicely put.

[valuemkt]

Originally Posted by Stu from NYC

Easy answer but might get me in trouble here so I will not.

Which is why i tempered my response the way i did

[Papa_lecki]

Originally Posted by tophcfa

One downfall of Florida is that no businesses seem to offer Senior citizen discounts : (

I dont think you are looking in the right spot
The Complete List of Senior Discounts for 2022

[MartinSE]

Originally Posted by tophcfa

One downfall of Florida is that no businesses seem to offer Senior citizen discounts : (

I expect that is here around TV, since there are spots many of us. I know in N. Florida they do offer senior discounts, and many combine/stack senior and military.

[RVJim]

Originally Posted by valuemkt

Then financials aside, it depends on where you think your vote will count more

That statement assumes one bothers to vote. I don’t vote, not worth the trouble. I also don’t complain about politics, not worth the trouble. I happily live in Florida and ignore it all.