[marennorge]

How much money does the Homestead Exemption really save? If your house is assessed at $250K and the HE is for $25K, are we talking a 10% reduction in the property tax bill?

[Xavier]

Originally Posted by marennorge

How much money does the Homestead Exemption really save? If your house is assessed at $250K and the HE is for $25K, are we talking a 10% reduction in the property tax bill?

Don't forget the other $25,000 that is additionally exempted from everything except school taxes. Without looking it up, I'd say that totally it was at least an $800 reduction in our taxes for a comparable property in Marion County.

Xavier (the frugal)

[keithwand]

Taxes without the bond at least in Orlando are roughly 1.8% of the house value ie 500K house is about 9K in taxes.
With the exemption it would be 1.8% of 475K

[Bogie Shooter]

Originally Posted by marennorge

How much money does the Homestead Exemption really save? If your house is assessed at $250K and the HE is for $25K, are we talking a 10% reduction in the property tax bill?

Go here for Sumter county tax information.
Sumter County, FL - Official Website

[JohnN]

And at age 65 (not quite there yet) I believe the exemption doubles to $50,000, but you have to go back and apply for it.

[Xavier]

Originally Posted by Xavier

Don't forget the other $25,000 that is additionally exempted from everything except school taxes. Without looking it up, I'd say that totally it was at least an $800 reduction in our taxes for a comparable property in Marion County.

Xavier (the frugal)

Here is a link to a Florida State site that will help explain Homestead Individual and Family Exemptions (other exemptions too):



Xavier

Originally Posted by Xavier

Here is a link to a Florida State site that will help explain Homestead Individual and Family Exemptions (other exemptions too):



Xavier

Anyone notice that the State of "Flor-a-duh" spelled Sumter Co. wrong on this site?

[Tom Hannon]

Can I file for Florida residency while my wife keeps her NY identity? The house in Florida is in both names. Can we take advantage of the Homestead Exemption with only half the owners (the better half) with Florida residency. I will be 65 next year and if I had my way, I'd be a FROG. Wifey isn't as ready to become a frog.

[Biker Dog]

Originally Posted by Tom Hannon

Can I file for Florida residency while my wife keeps her NY identity? The house in Florida is in both names. Can we take advantage of the Homestead Exemption with only half the owners (the better half) with Florida residency. I will be 65 next year and if I had my way, I'd be a FROG. Wifey isn't as ready to become a frog.

Sorry to tell you Tom but the answer is NO. We are considering changing the deeds on our houses to take advantage of tax exemptions. Deed the up North house in her name and the Villages house in my name. We would then declare our primary residence in the deeded state. That way we would have exemption in both states. For IRS purposes you can use either state as your address to file as long as the first name on the return matches that address.

We were told this by a lawyer and our accountant.

Good Luck

[RichieB]

Originally Posted by Biker Dog

Sorry to tell you Tom but the answer is NO. We are considering changing the deeds on our houses to take advantage of tax exemptions. Deed the up North house in her name and the Villages house in my name. We would then declare our primary residence in the deeded state. That way we would have exemption in both states. For IRS purposes you can use either state as your address to file as long as the first name on the return matches that address.

We were told this by a lawyer and our accountant.

Good Luck

I'm no income tax expert, but by doing that, it would seem to me that you would have to file separate returns, and not a joint return.

Had a friend who did this exact same thing, and that's what the did with handling income tax.

[graciegirl]

Originally Posted by JohnN

And at age 65 (not quite there yet) I believe the exemption doubles to $50,000, but you have to go back and apply for it.

I am not telling. I may or may not know. Are you trying to find out who knows?

I am sixteen in my heart. Just sayin'

Gracie, who is getting way too sensitive about age.

[skyguy79]

This sounds like the kind of question one could post in the Ask the Expert a Legal Question area.

https://www.talkofthevillages.com/fo...692-post1.html

[kandj]

Originally Posted by Tom Hannon

Can I file for Florida residency while my wife keeps her NY identity? The house in Florida is in both names. Can we take advantage of the Homestead Exemption with only half the owners (the better half) with Florida residency. I will be 65 next year and if I had my way, I'd be a FROG. Wifey isn't as ready to become a frog.

We went down to the office at the corner of Morse and 466 last Friday. I moved down here last June and transferred my license, registered one car and registered to vote. Hubby has not yet officially transferred here. The woman at the office helped us fill out the forms for a 1/2 homestead, but she said that when it gets to Bushnell they may give us the whole thing. She said a lot has to do with where your other home is and if you get a homestead exemption in that state.

You might as well go there and see what they have to say.

[RichieB]

Originally Posted by graciegirl

I am sixteen in my heart. Just sayin'

Gracie, who is getting way too sensitive about age.

Sometimes I feel like I'm in my twenties at heart, but my sugically repaired knee tells me something else..........

[skyguy79]

Originally Posted by graciegirl

Gracie, who is getting way too sensitive about age.

Gracie, there's an easy solution to that problem. Simply invert the two numbers in your age and voila... you've age is cut in half, or at least close to half!