Homestead Exemption?

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  #1  
Old 02-21-2011, 10:10 PM
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Default Homestead Exemption?

A couple of questions regarding Homestead Exemption. What is the approximate reduction in your property tax do you get with the exemption vs. without. Just an approx figure because I know it will be different because of the three county and the appraised value of the home.

Also in looking at the Sumter County web site I notice that on some listings it shows two $25K homestead exemptions and I know the person is single. Are there more than one $25K exemption and if so what is the second for?

Sumter County changed their web site and they have made it a lot more difficult if researching property tax records. I tried doing a number of searches and of the 10 or so I tried only one came back with any tax history. Before the changes it was a one click effort and now it is a lot of cutting and pasting only to come up with nothing. That's the gov for you.
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Old 02-21-2011, 10:42 PM
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Quote:
Originally Posted by Hawkwind View Post
Sumter County changed their web site and they have made it a lot more difficult if researching property tax records. I tried doing a number of searches and of the 10 or so I tried only one came back with any tax history. Before the changes it was a one click effort and now it is a lot of cutting and pasting only to come up with nothing. That's the gov for you.
I'm new enough myself that I can't answer all your questions, but as for the one I quoted above, I tried 4 searches in a row and was able to get to each tax record without cuting and pasting. Try the following:

When you select a property on their map, you can then select the "Parcel Details" tab at the top of the map. On the details page you can then access the tax record by clicking "Retrieve Tax Record" on the upper right corner of the page.

I hope this helps you!
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Old 02-21-2011, 11:05 PM
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http://sumterpa.com/Exemptions.asp
The listing you said showes two $25K homestead exemptions may be because of the
SENIOR EXEMPTION
Additional $25,000 Homestead Exemption for Persons 65 and Over.
See the second paragraph in the above link.
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Old 02-21-2011, 11:25 PM
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Quote:
Originally Posted by obxgal View Post
http://sumterpa.com/Exemptions.asp
The listing you said showes two $25K homestead exemptions may be because of the
SENIOR EXEMPTION
Additional $25,000 Homestead Exemption for Persons 65 and Over.
See the second paragraph in the above link.
Having seen the two HS exemptions on most properties I've seen, I have a feeling it's because you get one $25G's for each person on the deed meeting the requirements. The reason I don't think the second is the senior exemption is because it's possible that most over 65 are not qualified under the following requirement taken off the assessors website: "The total annual household income of the taxpayer does not exceed $24,500." If this is incorrect I'm sure someone more knowledgable than I will help clearify!
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Old 02-22-2011, 03:22 AM
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Default Senior Exemption (Over 65)

I too read the note about income cannot exceed 24,500 per year to qualify for the Senior exemption.

I think the question is, "What constitutes income"?

If income excludes social security, pension payments etc; and is only meant for salary, tips etc; more people would probably qualify.

Hope someone might have a clearer interpretation of this rule.
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Old 02-22-2011, 11:10 AM
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Quote:
Originally Posted by skyguy79 View Post
When you select a property on their map, you can then select the "Parcel Details" tab at the top of the map. On the details page you can then access the tax record by clicking "Retrieve Tax Record" on the upper right corner of the page.

I hope this helps you!
That is the way I was able to get the tax information in the past and now it will bring up a new welcome screen which you click on to continue your search. At that point you can cut and paste names, account numbers or parcel numbers but it will not retrieve the detailed tax information as in the past.

At first I was thinking that this may have been an Internet Explorer issue as I am now using IE9 RC but that is not the case. Same thing happens with Fire Fox. I next tried my lap top (IE8 and Fire fox) and both worked there. It may have been a recent Java script update on the desktop.

Thanks again as I now have some options and it is still better than going out and shoveling the 6" of party cloudy we received last night.
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Old 02-22-2011, 11:15 AM
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Quote:
Originally Posted by obxgal View Post
http://sumterpa.com/Exemptions.asp
The listing you said showes two $25K homestead exemptions may be because of the
SENIOR EXEMPTION
Additional $25,000 Homestead Exemption for Persons 65 and Over.
See the second paragraph in the above link.
Thanks for the link. After reading the page I too have questions as to what is considered income for this exemption.
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Old 02-22-2011, 11:29 AM
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The $50K exemption shown on most properties is due to the fact that an additional $25K exemption applies to assessed value between $50 to $75K but only to nonschool taxes.

The Fl Dept. of Revenue website has explanations for all exemptions. You can google FL property tax exemptions for a list.
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Old 02-22-2011, 12:18 PM
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Quote:
Originally Posted by Hawkwind View Post
Before the changes it was a one click effort and now it is a lot of cutting and pasting only to come up with nothing. That's the gov for you.
Guess it wasn't....
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Old 02-22-2011, 03:53 PM
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I removed IE9 RC and now everything is working as it had in the past. Looks like Microsoft has some bugs to correct before public release.
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Old 02-23-2011, 11:36 PM
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On an average Villages house, about how much do you save by applying for the Homestead Exemption? Does anybody know? Is it worth spending tomorrow digging through the boxes of paper in the closet to find the information I need, and then standing in line for 10 hours on Friday?
Just wondering,
Judy the procrastinator
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Old 02-24-2011, 07:10 AM
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Default Homestead Exemption

For those asking what is meant by Income, the form you sign to get the exemption is DR501SC, which specifically states as follows:
Definitions: Section 196.075, Florida Statutes. Additional homestead exemption for persons 65 and older. - As used on this application, the terms:
(a) “Household” means a person or group of persons living together in a room or group of rooms as a housing unit, but the term does not include persons boarding in or renting a portion of the dwelling.
(b) “Household income” means the adjusted gross income, as defined in s. 62 of the United States Internal Revenue Code, of all members of a household. (This is the “Adjusted Gross Income” amount reported on IRS Form 1040.)
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Old 02-24-2011, 09:16 AM
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Very rough numbers:

If you have a home with a tax value of $250K and pay $4,000 in property tax the $25k exemption would lower your value by 10% and probably lower your payment by 10% or $400 per year.


Add to that the possible savings of no state income tax in Fla versus what you pay in states having state income taxes.


.
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Old 02-24-2011, 09:32 AM
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An advantage to homesteading is that it sets the base cost of your home so that your property taxes can only go up a certain small % per year because of the Save our homes act. When property values were going up so much per year, the Save our homes act could save several thousand a year.

I did not explain it very well but we were homesteaded in South Florida and our neighbors were not. Over the years, as property values skyrocketed, our taxes went up a few hundred dollars each year, but our two neighbors jumped thousands per year, eventually getting to $16,000 for one home and $9000 for the other.
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Old 02-24-2011, 10:48 AM
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Thanks all for your replies. Now that I an back using IE 8 I can do some general research of a village and find a couple of similar valued homes with and without the exemption and find the difference.

The reason I asked this question was at some point I hope to have property in both Ohio and TV. At that point I will have to decide where to homestead and I and 90% sure it will be in Florida. I recently talked to the local auditors office here in Ohio and he tried to explain the math behind calculations and it was as if he was describing the math behind the Enron balance sheet. It bottom lined out to being about a $400.00 decrease in property taxes for the community where I currently live.

As far as the issues I was having with getting the tax information from the Sumter County web site that was due to a compatibility issue with IE 9 EC. There is a setting that needed to be changed but I went back to IE 8 before discovering that fix. I will wait until IE 9 is ready for final release.
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