Hi Nader,

All good answers, a short and simple asnwer is that a homestead property has a current exemption of $50,000 off of the assessed value, so a ballpark value of savings for that one item would be approx. $900.00 versus someone who is a non-homestead owner.

Sincerely,


Marty Kaiser
407-595-9700
marty@floridasells.com
Keller Williams Realty

Hi Nader,

As has been noted it's a combination of exemptions and save our homes. Exemptions have been explained.

Save our homes is a program which limits the increase in the taxable value of a home in any one year to 3% or the rate of inflation which ever is lower. Save our homes began in 1992. So the real answer to you question will be based not only on wether or not the property is a homestead, but also how long it has been a homestead. If this property has been a homestead for 15 years, then the difference could be thousands of dollars.

Regards,
Mark LeMenager
Weichert, Realtors - Hallmark Properties

Nader,
Difficult to say but the answer from Dianne is most helpful.
Good Luck
Realtor Rick.

Hi Nader,

Here is a link to the Orange County Property Appraiser's website - http://www.ocpafl.org . If you will click on the link (or copy and paste the address into your browser address line) . You will find a link for millage rates for the various areas of Orange County. The rates range from around 17 mils to approximately 25 mils, depending upon the area you are looking at. The values are determined most of the time by selling price, but sometimes by the property appraiser's estimate for values in the area for distress or foreclosure sales. Basically 17 mils would be $17.00 per $1,000 of assessed value for the home. A home selling for $100,000, would have taxes of approximately $1700. If the home is your primary residence, and you qualify for Homestead Exemption, you would only pay taxes on the portion of the assessed value, minus the Exemptions you qualify for. (i.e. $100,000 purchase price - $50,000 homestead exemption = $50,000 assessed value x $17.00 per $1000 = $850.00) At the web address given above, you can also obtain information under the Exemptions link about the various types of Exemptions that are available.

I hope this information is helpful. If I can assist you in any way, call or e-mail me at any time. Be sure to visit my website address below to search any Central Florida listings for homes.

Sincerely,

Dianne Scott
RE/MAX Realty Centre
2754 Dora Avenue
Tavares, FL 32778
352-508-5532 - Office
352-267-0724 - Cell
DScott@Remax.net http://www.DianneScott.com

Nader,

Can't tell by giving the value of $1,100 as I need the address to view the property information seeing if any exclusions have been factored in such as homestead exemption and save our homes exemption. When did the last transaction to purchase the property take place?

Are you using a Realtor? They should be able research and answer this question with a tight ballpark number.

If you need help send me an email at davelowe@OrlandoHomeStore.com

Broker Dave
GRI, ePRO, Green, Realtor, Broker

Visit my bio located here on Trulia, just scroll your mouse over my picture and click.