[Mrs.Bewitched]

Hi!
I am in the process right now in filing for homestead exemption online. I bought the house in May of 2008.
I am at the part where it is asking for last year's address. Well, from Jan-May 31 of 2008 I rented an apartment, and then May 31 on I lived at my new house. I don't know which address to list.

Can you help me?

[wit-nit]

Did you try posting in the Real Estate or Florida State threads. That may help you get a quick answer. Or calling a local government agency in your area.

[FLPL75]

I would call your local Property Appraiser's office they would have the exact information needed

[imagardener]

Before you file the exemption consider this: you will be locking in your homes value for tax purposes. If your value goes down, and property values are continuing to fall in most places in Florida, you cannot have it lowered.
That's why we didn't file for homestead on the house we bought in 2008. We are waiting for the bottom.

[TriMT7]

Originally Posted by imagardener

Before you file the exemption consider this: you will be locking in your homes value for tax purposes. If your value goes down, and property values are continuing to fall in most places in Florida, you cannot have it lowered.
That's why we didn't file for homestead on the house we bought in 2008. We are waiting for the bottom.

That is wrong, and you are cheating yourself out of money - not to mention the other benefits of homesteading, including immunity of the home from judgment creditors if you get sued.

If your home value falls enough so that you think its appraised value should go down, you go before the Value Adjustment Board in your county and you make an appeal. Every November when you get your tax notice you will note that it says you can file a petition for $15.00. Hire an appraiser and get comps of sales in your area, and you go before a general master who will rule.


EVen if you DON'T do that, if home prices are falling, the tax assessor should be lowering your assessed property values to begin with. I routinely look at property tax records and note that over the past few years in Palm Beach County, many people's assessed values have been adjusted automatically.

[imagardener]

Originally Posted by TriMT7

That is wrong, and you are cheating yourself out of money - not to mention the other benefits of homesteading, including immunity of the home from judgment creditors if you get sued.

If your home value falls enough so that you think its appraised value should go down, you go before the Value Adjustment Board in your county and you make an appeal. Every November when you get your tax notice you will note that it says you can file a petition for $15.00. Hire an appraiser and get comps of sales in your area, and you go before a general master who will rule.


EVen if you DON'T do that, if home prices are falling, the tax assessor should be lowering your assessed property values to begin with. I routinely look at property tax records and note that over the past few years in Palm Beach County, many people's assessed values have been adjusted automatically.

The way the homestead law is written the tax appraiser cannot lower your homestead value, it is locked in. It can only go up subject to a maximum amount. I am positive of this but please go to the Florida statutes and check it out. Many homesteaded people who bought in the last 5 years are caught in this trap because it was never thought that home values would go down so much.

The law was passed so that people who bought many years ago at a low cost would not be taxed out of their home as values increased.
If you bought your home before the runup in prices you are fine becuase your value got locked in at a low price. The problem is for people that got locked in a the top.

[TriMT7]

Originally Posted by imagardener

The way the homestead law is written the tax appraiser cannot lower your homestead value, it is locked in. It can only go up subject to a maximum amount. I am positive of this but please go to the Florida statutes and check it out. Many homesteaded people who bought in the last 5 years are caught in this trap because it was never thought that home values would go down so much.

The law was passed so that people who bought many years ago at a low cost would not be taxed out of their home as values increased.
If you bought your home before the runup in prices you are fine becuase your value got locked in at a low price. The problem is for people that got locked in a the top.

Please cite the portion of the Homestead statute you are relying on for your information. There shouldn't be any homeowners "trapped" in any sort of artificial value floor caused by the homestead exemption.

Homestead prevents the appraised value from rising more than 3% per year, and it does not prevent you from seeking reduction of your assessed value by applying to your county's value adjustment board. Florida counties are required to reassess every property every year.

To illustrate, take a look at this completely random person's taxes from the public records of Palm beach County property appraisers office, the Smiths:

Palm Beach County Property Appraiser Property Search System

The Smiths' home is HOMESTEADED. In 2006, their assessed value before exemption was $198,400.00 In 2008, their assessed value was $185,093.00.


Another random example from a relatively new development in the Northern part of the county:

Palm Beach County Property Appraiser Property Search System

Homesteaded property, bought by the owners in 2006. 2006 tax assessed value = $386,301.00.... 2008 tax assessed value = $300,459.00

CLEARLY, then, the Smiths enjoyed a REDUCTION of their assessed value between 2006 and 2008, and THEN enjoyed another $50k reduction off of THAT because of the homestead exemption, for a final 2008 assessed value of $135k.

[Paddywagons]

Great job TriMT7, thanks for your thorough work!