[gfmucci]

This is great for people moving to the Villages from other parts of Florida...

* If they move from a more expensive house to a less expensive house, the "save our homes" tax cap will be carried over to the new house. The resulting tax rate for the new house will be in the same proportion as the old house. If the old house was market valued at $300,000 and the assessed value was $150,000, and the market value (purchase price) of the new house is $200,000, the assessed value for tax purposes will only be $100,000 (50% of the market value).
* Since The Villages is operated and maintained through CDD fees, which are not included in the Amendment One provisions, TV properties will continue to have the same level of service and are not impacted. Sumter County will have to tighten its belt. They will implement a combination of efficiency measures, reduce or delay some lower priority services or capital improvements, and seek other revenue sources.

[pili]

Skip,
Why are you saying people moving to TV or any part in Florida for that matter will be surprised that their taxes are higher since cap and homestead will not there? I thought as long as you established residence the homestead excemption was available.

Pili

[Muncle]

Pili, look at it this way (and I'm going to make these number up -- no reality intended). You look at a resale home priced at $350,000. You see that the owners last year property taxes were $1234.00. :2cool: You do not know that the Save Our Homes (SOH) rule, with or without portability, has capped the assessed value of that home at $150,000 minus $50K in homestead. You buy and the new assessed value is $350K less the $50K. :yikes: Your taxes are triple the previous owner's, and likely that of a lot of your neighbors. :yikes: Oh, and the same day you buy, a guy from Miami buys an identical house across the street. He has massive SOH credit built up, so your taxes dwarf his as well. :yikes:

Everyone (fulltime residents) get the homestead exemption but SOH takes time to affect the taxes.

[Skip]

Originally Posted by pili

Skip,
Why are you saying people moving to TV or any part in Florida for that matter will be surprised that their taxes are higher since cap and homestead will not there? I thought as long as you established residence the homestead excemption was available.
Pili

Homestead gets removed for the first year and Homestead is not the only exemption there is in this state. Buying, you don't see the cap on the tax bill. All you see is taxable value and the mill rate. Most outsiders think they will pay the same tax.

Ask members of TOTV who have bought a 3-5 year old resale coming from out of state - where they surprised when they got the new tax bill? Bet you they all were.

Skip

[Skip]

Muncie: Good explanation and BTW you don't have to be "full time" to get the homestead. Just got to declare Florida as your "home state". You can live in as many places (in the world) that you want. But you can only declare one place your residency.

RVers do it all the time declaring Texas as their residency but never owning property there or even setting foot in the big old state.

Skip

[pili]

Thank you guys. So I guess it makes not difference whether I buy new or resale since I'll be taxed on present value of home. Furthermore, if we are looking at resales and owner/realtor says taxes are $5,000 (last year) it could very well be $7 or 8 since it will depend on how home is assessed.