[TriMT7]

Originally Posted by Retiredcoach

The $400-$500 difference in taxes that you sight is for a $200,000 home.

Homestead takes 50k off the taxable value. That savings realized because of homestead is thus universal whether the taxable value is 1 million or 100k.

Originally Posted by Retiredcoach

If a home is purchased at the assessed value of $100,000, the difference in the taxes that the new homeowner will pay is closer to a $1000 per year. If the amount that the broker and you deem to be so inconsequential, are you willing to fore go your perk? Of course not, so why would you expect a new property owner want to subsidize your perk when nothing is received in return (and yes, this is discriminatory)?

You know what's also discriminatory? Additional homestead exemptions for disabled people, or war vets, or the really old.

Too bad, so sad, when and if I qualify for additional tax breaks, I will take same. Until then, I take what I can get and do not whine that my disabled vet neighbor pays X amount less than I do in taxes.

Originally Posted by Retiredcoach

In reality, the new Florida real estate owner is subsidizing the established Florida resident, regardless of financial status. This can like robbing from the poor to subsidize the wealthy. This is one of the biggest problems that I see with the Florida approach to taxation,,,,

The "Florida" approach? You realize that many other states, again, like New York, have residency based tax exemptions as well?

Originally Posted by Retiredcoach

those who are are not yet full state residents, are underemployed, or are struggling financially, will pay the largest percentage of their earnings to the tax man, while the millionaires can reap the greatest benefits with their reduced tax dollars.

It also sucks that people who live on dividend income get taxed at 15%, no matter if they are billionaires or dirt poor, and me, a salaried worker who is not a billionaire, pays 30%.

While the "new" resident may have until January 1st of that next year to pay that extra $500 in taxes per year, the longer they too stay, the longer they will have a greater benefit. You have to get in on the ground floor somehow, no?

I prefer to have new residents bear additional burdens than to see old people thrown out of their homes because rising values. THAT would be the greater injustice. Homestead and Save Our Homes helped so many during the boom keep their homes.

[gypsychic]

Originally Posted by TriMT7

Homestead takes 50k off the taxable value. That savings realized because of homestead is thus universal whether the taxable value is 1 million or 100k.



You know what's also discriminatory? Additional homestead exemptions for disabled people, or war vets, or the really old.

Too bad, so sad, when and if I qualify for additional tax breaks, I will take same. Until then, I take what I can get and do not whine that my disabled vet neighbor pays X amount less than I do in taxes.




The "Florida" approach? You realize that many other states, again, like New York, have residency based tax exemptions as well?



It also sucks that people who live on dividend income get taxed at 15%, no matter if they are billionaires or dirt poor, and me, a salaried worker who is not a billionaire, pays 30%.

While the "new" resident may have until January 1st of that next year to pay that extra $500 in taxes per year, the longer they too stay, the longer they will have a greater benefit. You have to get in on the ground floor somehow, no?

I prefer to have new residents bear additional burdens than to see old people thrown out of their homes because rising values. THAT would be the greater injustice. Homestead and Save Our Homes helped so many during the boom keep their homes.

BRAVO! Great post! I'd give reps, but have to spread some around first!

[Retiredcoach]

Originally Posted by TriMT7

Homestead takes 50k off the taxable value. That savings realized because of homestead is thus universal whether the taxable value is 1 million or 100k.



You know what's also discriminatory? Additional homestead exemptions for disabled people, or war vets, or the really old.

Too bad, so sad, when and if I qualify for additional tax breaks, I will take same. Until then, I take what I can get and do not whine that my disabled vet neighbor pays X amount less than I do in taxes.




The "Florida" approach? You realize that many other states, again, like New York, have residency based tax exemptions as well?



It also sucks that people who live on dividend income get taxed at 15%, no matter if they are billionaires or dirt poor, and me, a salaried worker who is not a billionaire, pays 30%.

While the "new" resident may have until January 1st of that next year to pay that extra $500 in taxes per year, the longer they too stay, the longer they will have a greater benefit. You have to get in on the ground floor somehow, no?

I prefer to have new residents bear additional burdens than to see old people thrown out of their homes because rising values. THAT would be the greater injustice. Homestead and Save Our Homes helped so many during the boom keep their homes.

Please understand that you and I are viewing the Florida taxation policies from two completely different vantage points. You are viewing this as more a means of protecting the perks that you already have, and I am questioning why any visitor, part-time nonresident, investor, or simply a new resident must pay for it? You re attempting to justify this tax discrimination by citing possible senior citizen financial difficulties as a blanket statement that all seniors will have difficulty paying their property taxes if not for SOH, portability, etc. .... which is complete bunk and totally unfair to those who unfairly subsidize. This in a state where most public schools throughout Florida have nearly half of their school students on free/reduced lunch (earmarks of statewide underemployed/unemployed parents), and yet, the coastal multi-millionaires need real estate tax subsidies?

Florida is a great place for those who wish to shield their incomes from state taxes earned elsewhere and to avoid state estate taxes when one dies. It is a haven for those retiring individuals, who have larger sums of money to contribute less for the common good. It is not such a good place for those wishing to invest, are looking for employment opportunities that provide a livable wage, or are seeking a topnotch public school education for their children. It is rapidly becoming a state of the have and have-nots, with the have- nots paying the greatest percentage of their earnings to subsidize not only more of the taxes, but to subsidize the "perks" that are conveniently disguised as protections for the state's senior citizens. There may never be a true tax revolt in the state of Florida, but what do you suppose the working poor will do when it is realized that regardless of how hard they work, they will never make enough money working to financially pay more of your taxes and still have enough money left over to survive?

[TootsieWootsie]

I plan to move there and stay there. I plan to purchase a condo when I get there and never rent. I plan to sign-up for homesteading upon purchasing the condo. Am I going to lose out by doing this plan in any way????

[justNancy]

Initially, the person from whom you buy your home makes a difference too. Example: I looked at a home owned by snowbirds. If I close in May, I need to pay them the prorated amount for the rest of the year, since taxes are paid in arrears. In addition, since my Homestead exemption won't affect my taxes until after Jan 1 and would be for 2011, when I get my tax bill in Nov it will also be without any exemptions.

I just got off the phone with Sarasota County and phoned the agent who showed me the house. Always check with the County since it's your real estate agent's job to sell you a property, not give you tax advice. The people on this board offer a lot of good information, so I am not referring to anyone here. I'm only saying that it is up to the buyer to make sure he doesn't have his head in the sand. I mean, one agent wanted me to buy a home with CDW.

Back to the home I mentioned above, let's say the tax is $2,000. That means I'd have to pay 8 months back to the seller if I close on April 30. (over $1,300) and then in Nov start all over again if I want the discounts for early payment. In other words, I'd be paying over $3,300 in property taxes this year, although no more property taxes will be due until Nov 2011. Then in Nov 2011 when I get my next property tax bill, my $50,000 Homestead Exemption will apply for tax year 2011.

Let's take the same property or any other property that is owned by a Florida resident. That seller has $50,000 in exemptions and is also a senior and a widow. So she has $100,000 in exemptions. Those exemptions would be passed on to me at closing and also when I get my 2010 tax bill in Nov. So there is definitely an advantage here, although if you like a home, I wouldn't pass it up because the property tax the first year is a few hundred dollars more. But you are hit twice the year you buy a home, something that confuses me. Am I having a senior moment? If they paid taxes for 2009 and I didn't live there in 2009, why am I paying them? The bill I get in Nov 2010 is for 2010.

To those of you who feel disabled persons aren't entitled to exemptions, well.....(member cut herself)

[TootsieWootsie]

If I read this correctly, it seems that it is only the FIRST year of ownership that the new owner might get stuck with a high tax bill on a house?

[justNancy]

I'm glad I said I was having a senior moment in my last post. At closing the seller will give me a credit for the months before I take possession. Now I'm really confused. So in Nov I still have to pay the tax based on the seller's residency status, right? I can apply for homestead when I move in, but it won't become effective until Jan 2011 and that bill is paid Nov 2011.