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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North Carolina, TV
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