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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 12-14-2013, 06:17 AM
 
142 posts, read 231,108 times
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It won't be long now...TRANSFER HAS BEEN APPROVED (just in time as were getting about a foot of snow today)!!!!!
I do have a question..can someone tell me just how the homestead exemption works? What is the typically savings?
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Old 12-14-2013, 07:00 AM
 
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What is a homestead exemption
Florida's constitution provides for a $25,000 exemption, which is deducted from a property's assessed value if the owner qualifies. Applicants who timely file by March 1, possess title to the real property, and are bona fide Florida residents living in the dwelling and making it their permanent home as of January 1, qualify for the exemption. Properties granted Homestead Exemption also automatically receive the "Save Our Homes", Amendment 10, benefit.

Additional $25,000 Homestead Exemption
All persons receiving the standard homestead exemption who continue to qualify for that exemption automatically qualify to receive the additional homestead exemption. No further application is necessary. The additional $25,000 exemption applies to taxable values greater than $50,000 and up to $75,000, for all tax levies except school district levies.

Save Our Homes
"Save Our Homes" limits any increase in assessed value of properties with the Homestead Exemption to 3%, or the Consumer Price Index change, whichever is less, in the second consecutive year the exemption is received. Exceptions to that limitation include new additions or construction. Another exception occurs when ownership of a homestead property is changed in any way, affecting the homestead. Assessed value then returns to fair market (just) value in the year following the change.

Last edited by newred5; 12-14-2013 at 07:01 AM.. Reason: Space
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Old 12-14-2013, 07:07 AM
 
1,381 posts, read 2,309,466 times
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I save 889.50 in taxes over my neighbors with the exact same townhouse. I have the homestead exemption, they do not.
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Old 12-14-2013, 07:16 AM
 
Location: Port St Lucie
56 posts, read 70,056 times
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Are there additional exemptions for veterans?
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Old 12-14-2013, 09:59 AM
 
142 posts, read 231,108 times
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How is the exemption actually figured. For example, on a $200 - $225 home where current taxes are around $4000, what would the savings be. Is there a scale or formula I can look into?
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Old 12-14-2013, 10:29 AM
 
142 posts, read 231,108 times
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Found an estimator. Considerable savings to say the least.
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Old 12-18-2013, 04:09 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,214,905 times
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from the St Lucie Property Appraiser site ....learn about exemptions


Saint Lucie County, Florida Property Appraiser
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