Let's assume I'm stupid. Walk me through this homestead tax exemption thing... (Tampa: real estate, 2013) - Tampa Bay - Florida (FL) -Tampa - St. Petersburg - Clearwater - City-Data Forum

SnowBirdMom · 06-29-2012, 04:10 AM

So I'm buying a house in Wesley Chapel. Let's assume for the sake of arugment the taxes are 1900 bucks a year, as listed on the MLS listing.

Are those ALREADY "homesteaded"? Do I need to ask my agent this? How does this work?

We're going to get a credit against the assesed value of the home for 50k? So we'll pay taxes on 50k LESS than the assesed value? (I get that the second 25k isn't on the school portion, which I imagine is most of it

) so my taxes will be LOWER than 1900?

No one has said boo about this to me thus far, but I want to figure it out and get my ducks in a row, so far as I can read online I need to do nothing other than live and exsist in FL to get this credit (no income cap, age cap, etc for the 50k)?

Thanks for your help on this. Paying less money= good.

algia · 06-29-2012, 04:49 AM

Homestead exemption in Florida - Wikipedia, the free encyclopedia

//www.city-data.com/blogs/blog1...explained.html

Maybe this helps.

DUNNDFRNT · 06-29-2012, 05:32 AM

Quote:

Originally Posted by SnowBirdMom

So I'm buying a house in Wesley Chapel. Let's assume for the sake of arugment the taxes are 1900 bucks a year, as listed on the MLS listing.

Are those ALREADY "homesteaded"? Do I need to ask my agent this? How does this work?

We're going to get a credit against the assesed value of the home for 50k? So we'll pay taxes on 50k LESS than the assesed value? (I get that the second 25k isn't on the school portion, which I imagine is most of it

) so my taxes will be LOWER than 1900?

No one has said boo about this to me thus far, but I want to figure it out and get my ducks in a row, so far as I can read online I need to do nothing other than live and exsist in FL to get this credit (no income cap, age cap, etc for the 50k)?

Thanks for your help on this. Paying less money= good.

The mls listing will have that info in it, whether that house is homesteaded. The listing your real estate agent gives you, not the one you will see on realtor.com. It says "homestead y/n" If the house is not homesteaded, at closing you will pay the reserves, and your payment will be calculated at that number(non-homesteaded), you wont start paying the lower taxes until next year. You cant apply for the reduction until the start of the new tax year.

FloridaKash · 06-29-2012, 06:20 AM

Google: Pasco Property Appraiser Property Search. Type in the address of the home and it will give youa breakdown of the Taxes and show you if the Exemption is currently included on the rate.

gulfer · 06-29-2012, 08:09 AM

You can get different amounts for your exemption depending on numerous things. The MLS may say Y for Homestead Exemption, but that could be because the owner is 100% disabled, etc...

Simplified Version:

If you change your residency to Florida you should get the 25,000 exemption. There are other reason for another 25,000 exemption (military veterans, etc...). 100% DAV doesn't pay taxes (which is MY FAVORITE - THEY EARNED IT).

I didn't click the link above, but the way I read it online when moving here was pretty cut and dry. Try to take over the current owners Homestead. It will save you from having to wait until the start of the tax year to get it (I THINK THIS IS HOW IT WENT FOR US???)

chi_tino · 07-01-2012, 08:27 AM

The amount that the current owner is paying in taxes is completely irrelevant to what you will eventually pay, because they will adjust your assessed value to the new market value and take exemptions off of that. My elderly neighbors who have been in their house for decades pay about $1500 a year in property taxes, but a new owner would pay about $10,000. You can bet that a greasy realtor will advertise "property taxes are only $1,500!" when they eventually sell it.

You may get a few months of what the previous owner paid, but it will be adjusted for your situation after the purchase.

Here are the steps to apply for your homestead: http://appraiser.pascogov.com/Pdf/Brochure_HX_2013.pdf

gulfer is somewhat correct, but you don't "take over" the previous homestead per se, you just pay whatever the previous owner paid until they readjust it the following year. File the application ASAP after closing.

StephenAllen · 10-29-2012, 05:54 PM

So lost.Well that's it I am dumb and for the life of me didn't understand meny of the words I have just read.Wow.i just purchased my first home and was told I could do,use or whatever homestead(Something for taxes).All I know is I was told my mortgage would be 750 a month and now it's 820.I still need to know how I get homestead or where I have to go to get my mortgage back down to where it was ( when I was told my 750 would NEVER change but did).If anyone living near 33612 Tampa can put it in dumb mans words it would be very helpful and I would greatly Thank you.

kmarc · 10-29-2012, 07:12 PM

"Well that's it I am dumb and for the life of me didn't understand meny of the words I have just read"

You're not dumb, you're just not using a dictionary. Whenever I have to read a legal or semi-legal document, or complex piece of writing, I drag out a dictionary and as I'm reading, look up the words that I have no idea what the heck they mean. Preferably a simple one, but sometimes you have to go to a larger dictionary to find the definition of the word you didn't get. I know it sounds like a drag, but it's more of a drag to make a mistake because you didn't understand what you were reading.

You can also use the internet, just put the word in a google search or whatever.

You'll be surprised how much smarter you feel when you do this.

kmarc · 10-29-2012, 07:54 PM

OK, let's start with the term "homestead tax exemption", in layman's term.

A "homestead" is your home, your main place of residence, as opposed to a second home, or a rental property that someone might own. It's a place that you own where you live most of the time.

"Tax" is a fee that the government charges you for doing, owning or having something. In the case of real estate, the government charges people yearly for owning property.

An "Exemption" is the act of being excused from or freed from an obligation.

In the case of a "homestead tax exemption", as a homeowner, you are excused from paying a certain amount (not all) of tax on the home in which you live, your main residence. If it was a second home or a rental property, you'd have to pay all of the property tax, instead of just part of it.

StephenAllen · 10-29-2012, 07:59 PM

Yeah it's just so aggravating being told and promised by everyone that my house payment is gonna be set and I quote "for the life of the loan it'll stay at 750" and four months later at the end of the year it goes up to 820.I was told the house was ready for homestead or could be done but I didn't know it was something that I had to take care of.Im just getting started on a new life's journey with a first wife and as of 16 months ago a son/first house all in the same year.So hopefully people can understand that I was totally clueless to this homestead thing.I just need to know what papers I need and where to take them to in order to get my new home back to that promised house payment before my new son breaks my bank account.