Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Homestead Exemption
I have a rough idea of what it is, from when my folks lived in Florida, but my understanding is less than complete.
Primarily, I would like to understand how much more the property taxes would be in a home in TV, if one resides in another state, and can't claim the homestead exemption. For discussion purposes, say the taxes would be $2400/year assuming the exemption. What would you expect the taxes would be without it? Thanks. |
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#2
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Quote:
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#3
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Our taxes were around $2200 first year and this year after homestead exemptions kicked in they dropped around $350. What did surprise me is when we moved in we looked at prev owner's (for 9 yrs) 2016 taxes and ours went up almost $800 for 2017 (not inc exemptions). He was based on original purchase price and we were rated based on current value. Obviously if the home is new or newer the jump won't be so much. |
#4
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In addition to the regular homestead exemption, there is also a special exemption for people over 65, but it is only available to people with incomes of less than about $29,000. It also requires a separate form and must be filed annually.
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#5
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I thought I understood my dad to say that once you owned your home, assuming it was your primary residence, there was a limit (maybe a limit in the % it could increase?) to how much the tax could be raised, regardless of how fast the value of the home increased. Mom and Dad bought a place on Bonita Beach in the early 90's and property values there rose dramatically. I thought he told me that as long as it was their primary residence, the rate of increase in the taxes was capped.
Is this true, and is this a part of the Homestead Exemption? |
#6
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For properties with a homestead exemption, the annual increase in the taxable assessment is capped at 3 percent. For properties without a homestead exemption, the taxable assessment is capped at 10 percent.
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#7
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thanks everyone!
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Closed Thread |
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