[karena]

I am thinking of buying a home in Ormond-by-the Sea. I have gone to the Volusa County Tax Assessment web site. Florida Tax Laws are confusing to me but if I read this right, it seem the $50,000 home owner exemption is not what I understood it to be. The first $25,000 is stable but the second can be changed by county expenses and has already gone down to $15,375 in Volusia County. This could be for new buyers only. Could someone please correct me if I read this incorrectly.

[Cssmith]

Originally Posted by karena

I am thinking of buying a home in Ormond-by-the Sea. I have gone to the Volusa County Tax Assessment web site. Florida Tax Laws are confusing to me but if I read this right, it seem the $50,000 home owner exemption is not what I understood it to be. The first $25,000 is stable but the second can be changed by county expenses and has already gone down to $15,375 in Volusia County. This could be for new buyers only. Could someone please correct me if I read this incorrectly.

I also am looking to buy a house in Ormond by the Sea. Please share any tax information that you may find. Thanks

[MiamiRob]

Homestead exemption applies to any principal homeowner who occupies the property as their own personal residence. You get a $25,000 exemption off your assesed property tax bill.

Example: the county says your personal residence is valued at $100,000 for property tax purposes but as this is your personal residence they tax you at $75,000 instead.
Seniors get a additional $25,000 exemption off of their assesed value as well so in my example above that $100,000 assessed value is now assessed at $50,000 instead.

Homestead property exemptions are goverened by state law so they can't fluctuate. Perhaps you are looking at Ad Valorem taxes such as property taxes that you pay for school districts, fire & police services, garbage and waste disposal fees?

[KathyA11]

Originally Posted by MiamiRob

Example: the county says your personal residence is valued at $100,000 for property tax purposes but as this is your personal residence they tax you at $75,000 instead.
Seniors get a additional $25,000 exemption off of their assesed value as well so in my example above that $100,000 assessed value is now assessed at $50,000 instead.

Rob, is the age for the senior exemption 65, or is it lower? And do both members of a married couple have to be 65, or does only one have to qualify? And is there an income restriction for the senior exemption?

I know what the answers would be here in NJ, but we have a very different way of assessing real property in NJ, and after spending over 30 years as a municipal employee (with much of that in the Tax Collector and Tax Assessor's offices) I'm still trying to wrap my head around the way Florida does it.

[FLBob]

Kerena is correct about the application of the the homestead deduction.
For a Florida resident claiming the homestead exemption, the first $25,000 of a properties value is exempt from taxation. The value from $50,000 to $75,000 is also eligible for up to another $25,000 of deduction. Each taxing authority can choose how much of the second $25,000 is exempt.
For a better description of the homestead exemption here's a government website FL Dept Rev - Property Tax Exemptions

Miami Rob is also correct that there is an additional $50,000 homestead exemption available in some counties for seniors.

[karena]

Originally Posted by FLBob

Kerena is correct about the application of the the homestead deduction.
For a Florida resident claiming the homestead exemption, the first $25,000 of a properties value is exempt from taxation. The value from $50,000 to $75,000 is also eligible for up to another $25,000 of deduction. Each taxing authority can choose how much of the second $25,000 is exempt.
For a better description of the homestead exemption here's a government website FL Dept Rev - Property Tax Exemptions

Miami Rob is also correct that there is an additional $50,000 homestead exemption available in some counties for seniors.

Thank you very much FlBob. That was a very clear explanation. It is so nice to be able to understand what the current situation is.

[MiamiRob]

Originally Posted by FLBob

Kerena is correct about the application of the the homestead deduction.
For a Florida resident claiming the homestead exemption, the first $25,000 of a properties value is exempt from taxation. The value from $50,000 to $75,000 is also eligible for up to another $25,000 of deduction. Each taxing authority can choose how much of the second $25,000 is exempt.
For a better description of the homestead exemption here's a government website FL Dept Rev - Property Tax Exemptions

Miami Rob is also correct that there is an additional $50,000 homestead exemption available in some counties for seniors.

FLBob thanks for clearing that up! I had no idea that the local taxing authority can choose as to how much to exempt on the second $25,000 exemption. In Miami Dade county as far as I know seniors got the full second exemption at 55 I believe.