Homestead Exemption?

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  #16  
Old 02-24-2011, 10:48 AM
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Quote:
Originally Posted by chuckinca View Post
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.
Thinking that it was possible that what you stated above was not correct, I checked my tax records and those of 5 additional properties to check. In each case the assessed value was simply lowered by exactly the amount of the two exemptions ($50,000) to establish what the taxable value was.

With the assessed values being variable while the exemption values being constant, it was evident that no 10% calculation was involved in the process. Note though that this is in Sumter County and I can't say about any other county, but I would think that the method of applying the Homestead Exemption would be the same statewide.
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  #17  
Old 02-24-2011, 11:08 AM
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Default Pensions, Annuities, Social Security all Count toward Income

Quote:
Originally Posted by Luv2travel View Post
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.)
Based on this definition, interest, dividends, social security, pensions and annuities all count as income so very few people will qualify for the additional 25,000 deduction.
  #18  
Old 02-24-2011, 11:38 AM
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Here's a question for all.

Can I file for the Homestead Exemption in Florida if I own a home in another state ???

Our home in Georgia will be on the market later this year and we are claiming our Florida (TV) as our primary residence. Can I claim Homestead Exemption ????

Any help would be appreciated.
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  #19  
Old 02-25-2011, 12:34 PM
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Quote:
Originally Posted by chuckinca View Post
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.


.
Thanks Chuckinca! That's exactly what I needed to know! You're the best!
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  #20  
Old 02-25-2011, 08:33 PM
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Default Florida resident

In order to homestead, the primary thing is you must be a Florida resident. This means you must have your car insured with a Florida insurerer, car registered in Florida, and have a Florida driver license. In order to do that, you have to give up your other state driver license at the time you get the Florida license. Lots of hoops to jump through for that drivers license, too.

Yes, you can have a Florida homestead while owning a home in another state but the Florida home must be your primary (182 days) home.

You will be asked for proof when you apply for the homestead.
  #21  
Old 03-02-2011, 10:59 PM
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Just a follow-up... We went to the Sheriff's Annex with our folder full of papers last Friday. I took a book along, because I thought people would be lined up out the door to file for the Homestead Exemption, since it was almost the last day to file. Nope. No line, and only one other person was ahead of us. We didn't even have time to browse all the artwork in the gallery before we were called. We had the form filled out ahead of time, the woman looked at it, asked us to sign, and we were done. It was easy peasy!
We're official homesteaders! No more state income tax! Yay!
Thank you Chuckinca!

(PS: I also registered to vote while I was there. While I was completing the voter registration form, voterman checked the computer and found the woman in Florida who stole my identity 10 years ago! The voter registration rolls said she has the same name and birthdate as mine, but I was sued by her obstetrician for $10,000 for the baby he delivered for her in Florida. This is while I was living in Utah. We had to get a lawyer to resolve this. Now there's no way someone with my birthdate delivered a baby 10 years ago... but at the time I had to stop and think... $10,000? For a brand new baby? If I pay the $$ can I keep the baby? Can I see a picture of the baby? Is it cute? lol )
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