[tommyz]

Yes - I am homesteaded. At the beginning of the year we changed the title from my name to a trust - in the event that I die - after Shiavo - we were told that was the thing to do. Well - I asked the attorney if this would affect my homestead and received written email back that it wouldn't

Well - it did. So - I call back the attorney and send over the email - and he now responds that Homestead and the Save our Homes cap are "different" things - and I never asked about that. Welcome to Miami.

[tallrick]

Originally Posted by tommyz

Yes - I am homesteaded. At the beginning of the year we changed the title from my name to a trust - in the event that I die - after Shiavo - we were told that was the thing to do. Well - I asked the attorney if this would affect my homestead and received written email back that it wouldn't

Well - it did. So - I call back the attorney and send over the email - and he now responds that Homestead and the Save our Homes cap are "different" things - and I never asked about that. Welcome to Miami.

Actually the trust is not supposed to affect Save Our Homes. I am fighting the same battle myself with my local tax assessor. Have been wondering how many other people are dealing with this problem.

[deckardc]

To Elfyum,

If you purchased the house last year, you are not eligible for the 3% tax cap yet. You will not receive the cap until next tax year.
The Homestead Exemption and the Save Our Homes cap are two different things. Here are some explanations from our tax appraiser's site:

The Homestead Exemption:

$25,000 Homestead Exemption Every person who has legal title on January 1 to a residential property and lives there permanently qualifies for this exemption. You must be a permanent resident of Florida on January 1 of the initial application year. You may either apply by mail or in person at any time through the year but the deadline is March 1 of the qualifying year.
A copy of your deed and proof of residency is required. You may submit a copy of your Florida driver's license, voter's registration or permanent residency card. In lieu of a pending permanent resident alien card, we will accept Federal Form I485, “Approval Notice for application to adjust to permanent resident status.”
Exemptions cannot be transferred. If you sell your home and buy another residence, you must file a new application.
Mobile homes may qualify for the $25,000 Homestead Exemption under certain conditions. If you own the land under the mobile home you may declare it a permanent structure and make a one-time purchase of a Real Property tag for the unit. Thereafter, your mobile home will be included on the annual tax roll and no further license tag fee is required.


Save Our Homes:

Q. What does the 3% cap mean to Florida residents?
A. The cap limits the increase in the annual assessment of homestead properties in Florida to 3% or to the Consumer Price Index, whichever is less. Also known as "Save Our Homes," Florida residents voted for the Constitutional Amendment in 1992 and it went into effect in 1995. A taxpayer AUTOMATICALLY receives the Save Our Homes protection starting the year after first obtaining a Homestead Exemption.

Q. Does the 3% cap limit property taxes?
A. No, it is a cap on the assessment of a parcel, not on the taxes paid. A property's assessment could stay the same or go down but property taxes could go up any given year because of millage increases levied by your local taxing authorities.

Q. Who qualifies?
A. You must own a residential property that already qualifies for the $25,000 Homestead Exemption. All other properties are not eligible.

Q. Does the 3% cap change the way property values are estimated by the Property Appraiser?
A. No, the Property Appraiser's Office responsibility is to determine the property's market value for a fair and equitable tax roll.

Q. What happens to the cap when I sell my home and buy a new house?
A. When a Homestead property sells, the cap is removed and the value is increased to market value January 1 of the following year. Similarly, if the home you purchased was subject to the cap, the cap is removed and the value is increased to market value the following January 1.

[kwick release]

What if I buy a home and the sales price ("market value") is less than the currently assessed value? Let me guess, they stick with the greater of the two.





Prodromos Borboroglu

[tallrick]

I am waiting to see if someone sues the tax assessor for overvaluing their property. Adter all it is supposed to be "fair market value".