Home Buying in Echo Lake>Question Details

Eric, Home Buyer in Boca Raton, FL

Can anyone explain to me if the state takes $50k off the final price of the house and you are taxed on the remainder?

Asked by Eric, Boca Raton, FL Sat Apr 13, 2013

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This question was asked from this property: http://www.trulia.com/property/3112803221-Single-Family-Home…

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The county takes $50,000 of the purchase price of the property and then levies a property tax on the remainder. However, you must become a Florida resident and make your Boca Raton home your primary residence. You do this by getting your drivers license and voter registration set up in Florida. Also you must live here for at least 6 months and one day.

You will not gain this exemption during your first year of residence. For example, if you purchase a home before December 31, you will pay taxes at the current homeowner's rate. However, if you register your homestead before March 31 of the current tax year, then you may be eligible for a homestead exemption at that time.


For a complete explanation and for the application form you will need in order to file, go to the Palm Beach property appraiser's link at:

http://www.co.palm-beach.fl.us/papa/ExemptionServices.htm#Ho…

and to this one at:

http://dor.myflorida.com/dor/property/taxpayers/exemptions.html


Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Mon Apr 29, 2013
Besides the Florida Homestead property tax exemption there are other prop tax exemtions for residents that one might find themselves entitled to receive and that would reduce their tax bill.
Here is a link to the Palm Beach County Property Appraiser's office & to the page that lists various exemptions: http://www.pbcgov.com/papa/ExemptionServices.htm#Homestead
0 votes Thank Flag Link Sat Apr 13, 2013
Good Answers so far. I want to add it is not automatic! You must file for
the "Homestead Exemption" through the application process at the
Palm Beach County Appraiser's Office.!

Detailed explainations and Instructions are posted on their website

http://www.pbcgov.com/PAPA/

Visit the website,contact them if you need to , you will find them helpful! You
should file as soon as you can-This is for owner occupants only! Best!


Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Sat Apr 13, 2013
Yes. This is when you purchase a property as your "primary residence". (Not just a vacation home...although one may have other home(s), but you are recognized as having this as your primary residence. How? Well, if u spend 6 months or more in another state or property, you would not qualify. It does not mean that u must spend 6 months a year in that property
But, it does mean that u may not spend a total of 6 months in another property. This is regarded as Homestead Deduction Yes, this takes $50k off the purchase price prior to tax calculation.
Gail Hughes Galli
Fite Shavell Associates
Direct: 561-817-6444
Ghughes@fiteshavell.com
0 votes Thank Flag Link Sat Apr 13, 2013
Nothing is ever simple, and that's particularly true with property taxes. Fortunately the State of Florida does a pretty good job of explaining their exemptions. Check out the link.
0 votes Thank Flag Link Sat Apr 13, 2013
Yes, after the first year if it is your primary residence
0 votes Thank Flag Link Sat Apr 13, 2013
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