Florida's Homestead Exemption

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  #1  
Old 09-02-2007, 01:33 PM
REDCART REDCART is offline
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Default Florida's Homestead Exemption

Hope someone can clear up some confusion we have about Florida's current homestead exemption. First, if you're a permantent Florida resident you qualify for the basic 25K real property tax exemption--regardless of income--correct?

Second question: Do you then qualify for an additional 25K exemption (for a total of 50K) if you're over 65 with limited income below their published threshold, let's say 24,900 for 2008? OK we could call Sumter County but I was hoping someone with experience might be able to answer this question before Tuesday. Thanks. --George
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Old 09-02-2007, 02:01 PM
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Default Re: Florida's Homestead Exemption

George, The answer to your first question is, "Yes". Note to receive the 2007 exemption, you must have lived in your home Jan of 2007. We moved to The Villages Feb 2007 and will not receive the exemption. We have applied for the 2008 exemption. Have you heard of the Super Homestead Exemption that may go into effect next year, (if amendment passes)?
Here is the web site for sumter County Tax appraiser. http://www.sumterpa.com/


I do not know the answer to your 2nd question. Ther may be info on the web site.
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Old 09-02-2007, 03:27 PM
REDCART REDCART is offline
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Default Re: Florida's Homestead Exemption

Thanks Avista. The Sumter Ct Tax Assessor's web site is generally useful but I didn't find an answer to my question there.

Folks in Sumter County should be particularly interested in that Super-Homestead amendment which appears to be coming up in January. There's a tax calculator on the web site to help you decide whether the non-revocable election will work to your advantage. I didn't use it but if the amendment passes, everyone will have to do their own calculation to make a decision.
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Old 09-02-2007, 05:15 PM
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Default Re: Florida's Homestead Exemption

We live in Sumter and I will be 65 in July 2008. My husband is younger. Can I apply for the extended $25k as a co-owner??? I'll have to check out the folks at the county office this week and find out. I have a feeling the second $25k is based on income though. Will let you know when I find out. :dontknow:
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Old 09-03-2007, 05:30 PM
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Default Re: Florida's Homestead Exemption

If you go to the Sumter county Web site and read the analysis they use it assumes a 7% growth rate. What happens if the growth rate greatly exceeds that. There is no cap. Your taxes will sky rocket. I hope all the voters understand what could happen if it passes and you elect to take the super homestead exemption. And if it passes anyone purchasing a home would have to take it. It's a way for the county to increase there revenue at the homeowners expense. Just look at what the taxes are in upstate New York. 35-40 dollars per thousand is not uncommon. That's 7-8 thousand on a 200K house.
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