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Old 05-27-2008, 04:00 PM
 
Location: St Pete -- formally LI, NY
628 posts, read 1,674,150 times
Reputation: 231

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Its been a rough market for homeowners the past few years but there have been a few bright spots.

I recently sold my existing Homesteaded property and moved to another home before Jan 1, 08. About 32% of the value of my previous home was shielded from the tax collector’s office due to my SOH exemption. I was able to bring that benefit with me and because my new home is valued for less than my old I will get a 32% reduction in my taxes in addition to the initial 50k deduction for my new homestead. It doesn’t make up for the discounted price I sold at but it is nice to have.

Has anyone else seen or benefited by this
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Old 05-27-2008, 05:58 PM
 
Location: Central FL
1,683 posts, read 7,570,627 times
Reputation: 833
Way cool! I didn't even know it had gone into effect yet. That's awesome! I don't know anyone who has sold their home and moved recently so I can't respond to your question, but excited about the possibility when DH and I are ready to downsize.
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