From non resident to resident

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  #1  
Old 09-12-2007, 09:59 AM
nanci2539 nanci2539 is offline
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Default From non resident to resident

We're thinking of buying a home when we visit (if the deals are good). We then plan to go back and sell the house we now live in.

I know that we don't get the exemption but can you tell me that once we permanently move to TV, can we apply for it then?

Has anyone done this and does it make financial sense? There are so many good buys that we hate to lose out. But if we end up paying more in the end due to not being a perm. resident, then we will reconsider and make the move when the house sells.

I guess I'm asking what are the pluses and minuses. Our TV rep called and tells us that now is the time to buy. We're coming down in Nov.
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Old 09-12-2007, 10:58 AM
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chuckinca chuckinca is offline
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Default Re: From non resident to resident

I believe you are referring to the Permanent Resident's exclusion for property tax which might be worth a few hundred dollars each year.

I wouldn't include this issue in a buy now/buy later decision because of the relatively small dollar amount of the property tax savings.
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Old 09-12-2007, 04:11 PM
nanci2539 nanci2539 is offline
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Default Re: From non resident to resident

I'm actually referring to the $25K exemption that you receive as a permanent resident. Or is it one in the same?
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Old 09-12-2007, 04:47 PM
coach coach is offline
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Default Re: From non resident to resident

Resident owners of their primary home in Florida get at least two breaks over non resident owners. First, a resident owner gets a 25,000 homestead exemption on their home. For example, if two homes in the same county are valued for tax purposes at exactly the same amount, the resident owners has his taxable value reduced by $25,000. If both homes had a taxable value of $175,000, the resident pays taxes on $150,000 while the non resident pays on $175,000.

That is a nice situation. The best deal in my opinion is the SAVE OUR HOMES feature in the tax rate that non residents do not enjoy. If you are a resident owner in Florida the increase in property values for tax purposes is limited to a 3% increase each year. A non resident owner of property is subject to the fair market re-evaluation of his property. In places like TV in years 2000 to 2005, your property value might have increased by 50% or more.

When a resident owner sells his property the new owner begins his property valuation at the selling price of the home. Bottom line is that you should establish your residency ASAP.
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Old 09-12-2007, 06:17 PM
codman codman is offline
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Default Re: From non resident to resident

Coach is exactly right, right now. There's a state vote in January to overhaul the exemption law, it's called the
"Super exemption". It's to long to explain in a short space, and there's so many opines as to whether it will pass or not. Do a search with "Florida super exemption". Hope this helps.
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Old 09-12-2007, 06:23 PM
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Default Re: From non resident to resident

I believe you have to establish Fla residency in January of any given year to get the exemption applied to that year and later. You are not getting $25,000 - you are getting a reduction of $25,000 from the taxable value of your home for property tax purposes.

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