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Unread 11-12-2012, 07:53 AM
 
220 posts, read 143,027 times
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Default Homestead Exemptions/Widows

About how much does Homestead save you per year on a home assessed at about 100,000? Also I understand if you are a widow/er you get an additional amount. I was reading up on it but didn't know if the widow exemption gives you $500 off the assessed value of your home in addition to the $25,000, or if it gives you an additional $500 per year off your taxes.

I know you have to be a permanent resident to get Homestead, so if you snowbird for a year or two, then become permanent what happens? Do they re-assess your home every year and then once you are permanent and do homestead it can't go up more than 3%?

If you are a snowbird, but have the option to become a permanent resident this year as opposed to next year, would there be a major disadvantage waiting until next year?
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Unread 11-12-2012, 11:17 AM
 
Location: Sarasota FL
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A home assessed at $100,000 would pay the following taxes.[non inc., non CDD areas]
Assessed value $100,000 minus gov ops homestead $50,000 = $50,000
Taxable value $50,000 x 5.5169 millage rate= $275.85
Assessed value $100,000 minus school homestead $25,000 = $75,000
Taxable value $75,000 x 7.635 millage rate = $572.63
Total tax $848.48 plus about $375 non-ad val [fire,trash, storm] plus any community extras
Adding a widow exemption to the homestead exemption is a total tax reduction of [are you ready] $6.59
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Unread 11-12-2012, 11:35 AM
 
Location: Sarasota/ Bradenton - University Pkwy area
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The homestead exemption is a little complicated to explain.

The homestead exemption is UP TO $50,000.

The exemption of the first $25,000 applies to all property taxes, including school district taxes.

The additional $25,000 exemption applies to assessed property value between $50,000 and $75,000 and only to non-school taxes.


The actual savings would depend on the taxing district's millage rate as Sarasota county, the city of Sarasota, the city of North Port, the county of Manatee and city of Bradenton all have slightly different millage rates.



The Sarasota county property appraiser's office offers detailed info on the homestead exemption(s) on their site:
Homestead & Other Exemptions
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Unread 11-12-2012, 12:34 PM
 
Location: Port Charlotte, FL
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Here is the Florida web site that explains the homestead exemption for each type - FL Dept Rev - Property Tax Exemptions and Discounts

Homestead and Other Exemptions
You must apply for exemptions with your county property appraiser. The property appraiser may require documentation.
Individual and Family Exemptions
  • Homestead, Up To $50,000
Every person who owns and resides on real property in Florida on January 1 and makes the property his or her permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.
The application for homestead exemption (Form DR-501) and other property tax forms are posted on our form page and on most property appraiser's websites. Click here for county property appraiser contact and website information. Some county sites have quick and easy online applications. If filing for the first time, be prepared to answer these questions:
    • Whose name or names were recorded on the title on January 1?
    • What is the street address of the property?
    • Were you living in the dwelling on January 1?
    • Do you claim homestead in another county or state?
If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder. Your property appraiser may ask for any of the following items to prove your residency:
Previous residency outside Florida and date ended
Florida driver license or identification card number
Evidence of giving up driver license from other state
Florida vehicle tag number
Florida voter registration number (if US citizen)
Declaration of domicile, residency date
Current employer
Address listed on your last IRS return
School location of dependent children
Bank statement and checking account mailing address
Proof of payment of utilities at homestead address

If you are moving from a previous Florida homestead to a new homestead in Florida, you may be able to transfer, or “port,” all or part of your homestead assessment difference. Read more on portability.
See a summary of requirements and documentation for homestead related exemptions.
See section 196.031, Florida Statutes. For local information, contact your county property appraiser.
  • Widows and Widowers, $500
Any widow or widower who is a Florida resident may claim a $500 exemption. If you remarry, you are no longer eligible for the exemption. If you were divorced before the death of your ex-spouse, you do not qualify as a widow or widower.
See section 196.202, Florida Statutes. For local information, contact your county property appraiser.
  • Disability, $500
A Florida resident who is totally and permanently disabled may qualify for a $500 exemption.
See section 196.202, Florida Statutes. For local information, contact your county property appraiser.
  • Blind Persons, $500
A Florida resident who is blind may qualify for a $500 exemption.
See section 196.202, Florida Statutes. For local information, contact your county property appraiser.
  • Total and Permanent Disability
Real estate used and owned as a homestead by a quadriplegic, less any portion used for commercial purposes, is exempt from all ad valorem taxation.
Real estate used and owned as a homestead by a paraplegic, hemiplegic, or other totally and permanently disabled person, who must use a wheelchair for mobility or who is legally blind, is exempt from taxation if the gross household income is below the current gross income limit. Gross income is the income, including veterans' and social security benefits, of all persons residing in the homestead.
If filing for the first time, a certificate of total and permanent disability (Form DR-416) from two (2) licensed doctors of this state or from the United States Department of Veterans Affairs is required. For the legally blind, one of the two may be a certificate from a Florida-licensed optometrist (Form DR-416B).
See section 196.101, Florida Statutes. For local information, contact your county property appraiser.
  • Local Option Homestead for Persons 65 and Older
Some city or county governments have enacted a local ordinance allowing an added homestead exemption up to $50,000. See the list of counties and municipalities that offer this additional homestead exemption.
To qualify you must:
    • Be 65 or older,
    • Submit a statement of income (Form DR-501SC) and meet the income limit, and
    • Have legal or equitable title to a home you make your permanent residence.
The household income limit is adjusted each year on January 1, according to changes in the consumer price index (CPI). It compares the prior year cost-of-living with the year before. See the current income limit for this exemption and more information on the CPI.
Added Exemptions for Veterans
  • Disability for an Ex-Service Member, Up to $5,000
An ex-service member disabled at least 10% in war or by service-connected events may be entitled to a $5,000 exemption on any property he or she owns.
See section 196.24, Florida Statutes. For local information, contact your county property appraiser.
  • Service-Connected, Total and Permanent Disability or Confined to a Wheelchair
An honorably discharged veteran who is totally and permanently disabled or requires a wheelchair for mobility resulting from their military service may qualify for total exemption of their homestead. Under some circumstances, the benefit of this exemption can carry over to the surviving spouse.
See sections 196.081 and 196.091, Florida Statutes. For local information, contact your county property appraiser.
  • Discount for Veterans 65 and Older with a Combat-Related Disability
A veteran who is disabled, 65 or older, and owns homestead property may qualify for a property tax discount based on percent of disability. To be eligible, you must have an honorable discharge from military service, be partially disabled with a permanent service-connected disability, at least part of which is combat-related, and must have been a Florida resident at the time of entering military service. Read more.
  • Deployed Military Exemption
A member or former member of any branch of the United States military or military reserves, the United States Coast Guard or its reserves, or the Florida National Guard may receive an exemption on this year’s tax bill if he or she:
    • receives a homestead exemption,
    • was deployed during the last calendar year outside the continental United States, Alaska, and Hawaii in support of a designated operation (each year the Florida legislature designates operations for this exemption), and
    • submits an application, Form DR-501M, to the property appraiser.
The percent of the taxable value that is exempt for the current year is determined by the percent of time during the last year when the service member was deployed on a designated operation.
  • Filing and Keeping Your Homestead Exemption
When a person serving in the Armed Forces owns a property and uses it as a homestead, the service member may rent the homestead without abandoning the claim to the homestead exemption. See section 196.061, Florida Statutes.
Service members who can't file a homestead exemption claim in person because of a service obligation may file the claim through next of kin or through any other person who has been authorized in writing to file on behalf of the service member. See section 196.071, Florida Statutes.
Other Property Tax Exemptions
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Unread 11-12-2012, 08:41 PM
 
220 posts, read 143,027 times
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Thanks for the responses. I did read the web site, but had difficulty understanding it. For example, the part about widows claiming the $500 exemption. I didn't get whether that was an additional $500 less in taxes you paid, or $500 in value taken off. Thanks for breaking it down d4g4m.

Now as to the other part of my question. Correct me if I am wrong. What I get is that once you are a permanent resident and have filed homestead, that not only are your taxes reduced, but the assessed value of your property can not go higher than 3% of what it is when you file for it. Thus not making your taxes be able to go up more than 3%? That is the way I am reading it.

So the scenario would be a house that was assessed at 100,000 on Jan 1 2012, and the owner becomes a permanent resident prior to Jan 1, 2013, can file homestead (by Mar 1, 2013) and his house would get assessed again on Jan 1 2013, lets say at 105,000. So does that mean the assessed value cannot go up more than 3% of the 105,000?

So if a snowbird could become a permanent resident either in 2012 or 2013, would it be that much of a difference if they waited till 2013? I mean if each year the house is assessed on Jan 1 and the assessment is higher than the previous year, then the longer they wait it gives opportunity for the assessment to go higher and then the 3% cap would possibly be on a higher amount.

I hope that my question makes sense, just writing it has made my head hurt!! Sorry if I sound like a crazy person, but that is how I feel when I read this kind of stuff and try to get it through my thick head!!! I understand it better when it's broken down into real life scenario, not governmental gobbledygook.
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Unread 11-12-2012, 09:03 PM
 
Location: Upstate SC!
2,144 posts, read 1,748,545 times
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Quote:
Originally Posted by Trbl39 View Post

So the scenario would be a house that was assessed at 100,000 on Jan 1 2012, and the owner becomes a permanent resident prior to Jan 1, 2013, can file homestead (by Mar 1, 2013) and his house would get assessed again on Jan 1 2013, lets say at 105,000. So does that mean the assessed value cannot go up more than 3% of the 105,000?
It's 3% each year, over the prior year, as long as you don't make any changes (like a pool) that affect the value of the house (in which case they reset to the new assessed value and you start the 3% cap again).

The assessed value can (will) also change at sale, so between the old owners homestead and cap, and the change in value, you can't count on what the current taxes are when purchasing.
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Unread 11-13-2012, 04:57 PM
 
4,702 posts, read 3,633,758 times
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Quote:
Originally Posted by Trbl39 View Post
Thanks for the responses. I did read the web site, but had difficulty understanding it. For example, the part about widows claiming the $500 exemption. I didn't get whether that was an additional $500 less in taxes you paid, or $500 in value taken off. Thanks for breaking it down d4g4m.

Now as to the other part of my question. Correct me if I am wrong. What I get is that once you are a permanent resident and have filed homestead, that not only are your taxes reduced, but the assessed value of your property can not go higher than 3% of what it is when you file for it. Thus not making your taxes be able to go up more than 3%? That is the way I am reading it.

So the scenario would be a house that was assessed at 100,000 on Jan 1 2012, and the owner becomes a permanent resident prior to Jan 1, 2013, can file homestead (by Mar 1, 2013) and his house would get assessed again on Jan 1 2013, lets say at 105,000. So does that mean the assessed value cannot go up more than 3% of the 105,000?

So if a snowbird could become a permanent resident either in 2012 or 2013, would it be that much of a difference if they waited till 2013? I mean if each year the house is assessed on Jan 1 and the assessment is higher than the previous year, then the longer they wait it gives opportunity for the assessment to go higher and then the 3% cap would possibly be on a higher amount.

I hope that my question makes sense, just writing it has made my head hurt!! Sorry if I sound like a crazy person, but that is how I feel when I read this kind of stuff and try to get it through my thick head!!! I understand it better when it's broken down into real life scenario, not governmental gobbledygook.
if property values/ assessment values are expected to rise by more than 3% for calendar year 2012 (based on all sales in 2012), then you are better off becoming a FL resident by 1/1/13 and filing for homestead exemption in early 2013. They used to rise quickly year after year and that 3% cap was important but they have not risen at all or much for the past several years. This year they might start inching upwards. Not sure whether the assessed value will rise for calendar year 2013 and if more than 3%. Maybe a realtor can guess better.
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Unread 11-13-2012, 06:31 PM
 
Location: Sarasota FL
3,539 posts, read 2,567,734 times
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On my block, there are 18 homes. 16 of them were built in 1998 including mine. 7 are original owners but I am senior [first in early 98] My assessed value has gone up and down, but when up, no more than 3% Therefore, I have the lowest assessed value on the block. Each home sold since 98 was at a higher price and at a higher assessed value [and higher taxes]. The 3% cap is in effect one year after you purchase on the new assessed value. If you purchase a home from someone like my situation, expect the new assessed value to be much higher.
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