Property Taxes (Homestead: mortgage, credit, appraiser)

[krusty_916]

I'm trying to get a handle on the property tax situation in Florida . I've noticed that similar places (sometimes on the same street) have very different property taxes. From what I understand there are several factors involved. Since the tax increase per year is capped, then someone who has lived in a property for a long time would have a lower tax then someone who has just moved in? Depends if you qualify for the homestead exemption? Any thing else I'm missing?
So is it safe to assume that when I look at properties and they list the current taxes, it doesn't mean that it is what I'm going to pay right? Depending on the current home situation, the current tax is the minimum that I'm going to pay, but chances are it's going to be higher?

Thanks for any clarification.

[Guntersville Boomer]

If someone is purchasing a home, they will be billed in the year of the purchase at what the current owner would have paid so it would take into consideration how long they owned the home (for the Save Our Homes limitation) as well as if they had homestead exemption. But when the new owner purchases it, they have until March of the next year to file for homestead exemption which will continue that piece. Now the next part that is new since the January voter approval of the portability of the Save Our Homes is I am assuming, if you were in your previous home for say 5 years, the property appraiser will somehow calculate the new value with credit for this. I have no idea exactly how this is going to work and by the way, this portability is being challenged in court so it may not stand up to this challenge but no decision yet. The best thing I think folks need to do is call their local property appraiser's office and ask what they think the new value will go to after the sale, they are the best resource.

[GregTraub]

The homestead exemption tax bill of the previous owner will NEVER transfer to the new owner, even if the new owner homesteads the property before march of the next year. The new owners taxes WILL re-assess at current values come January 1 after the closing. Homestead ASAP of course, you will get to exempt 50,000 of your properties value from taxation, and you will start your 3% cap.

Now depending on what home you buy will depend on whether your tax bill will increase or even decrease from the current owner's tax bill. If the owners have been living in the property for a long time with homestead, you have a good chance your taxes will increase, there is a good rule of thumb to go by to figure out what your tax bill will be. However, if you are buying a house where the owners only recently purchased it, or they do not have homestead, you may have a good chance of purchasing the property for less than the county says is it's taxable value. Again the county will re-assess the value of the property every Jan 1st, and if you just purchased the property for less than taxable value....the county has to take this into account when establishing the taxable value.

[crissyq]

Hey anyone know about the veteran tax exemptions down there too. I hear that some are completely exempt and some are 5000 dollars exempt. Can anyone explain what that means to your monthly mortgage payment. Thanks.