HUMM Wendy offers something other


I have not the fine line that she does
here is some Information

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What is SAVE OUR HOMES?
Save Our Homes was implemented for the first time in 1995. The 3% homestead property assessment limitation is a constitutional benefit approved by Florida voters in 1992 which places a limitation of 3% on any annual assessment increases on homestead properties in Florida.

In 2008, a constitutional amendment was passed allowing for Homesteaded homeowners to transfer their existing Save Our Homes benefit to a new homestead, up to $500,000 or the same percentage of value, whichever is lower.

Please note that this cap does not apply to any new construction, any previously non-assessed improvements, or to the new owner of a new or existing home the first year they are added to the tax roll.

I want to learn more or file a:

Save Our Homes Portability
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What is Homestead Exemption?
Every person who has the legal or equitable title to real estate and maintains it as his permanent residence (i.e., is a legal Florida resident) or as the residence of another legally or naturally dependent upon the owner shall be entitled to $25,000 homestead exemption.

In 2008, a constitutional amendment was passed creating an additional homestead exemption of $25,000 for home values above $50,000. School tax levies are exempt from this exemption.

I want to learn more or file a:

Homestead Exemption
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How do I Qualify For Homestead Exemption?
To qualify for a Homestead Exemption, you must be a permanent resident of Florida as of January 1st. (Proof of legal residence)


TAX YEAR MARKET VALUE
The Appraised Value your Home Could Sell for as of January 1st CPI SOH CAP
3% Max Increase allowed by law Save-Our-Homes SAVINGS
The amount Capped by S O H, the amount you DO NOT pay tax on ASSESSED VALUE
The amount after SOH, the amount that will be capped next year by SOH EXEMPT $$$
Your Total amount of Exemptions TAXABLE VALUE
The amount times Millagerates = your tax TAX
$per $1,000 in Value ( 1 Mill )

Hi Ysanabria

It depends on how long you are renting out for and whether it is still your primary residence. For example my parents rent their home out for 3 months in season and return to Europe to visit family however this is their primary residence. They live in their Florida home the remainder of the year, they have no other homes in other states or countries.

You still have to be careful because the County's property tax appraisers office will mail out a home exemption postcard every year and if your mail is forwarded or returned to them you will lose your homestead. You can appeal it if you can prove a good reason and show you did not change the address on your driving license, voters registration or tax returns.

In my opinion in these difficult economic times it would make more sense to allow people to retain a homestead on one property of their choice. Many people don't want to sell while prices are depressed and would rather rent their homes until prices stabilize.

Remember as long as you are re-buying you don't really lose out because you sell low and buy low. Not sure if you know that the new portability law allows those who have owned a property for a considerable period of time to transfer the save your homes cap to a new property, this will help you retain a lower property tax on your new home. You can find out more about this (they even have on-line calculators) via the property tax website http://www.co.palm-beach.fl.us/PAPA or you can call the property tax appraisers office for advise on your exact situation.


If you are moving let me know if I can be of any further assistance.

Wendy Casey
561-789-2525

wendycasey@ymail.com http://www.wendycasey.com

yep you loose your homestead