Home Buying in North Port>Question Details

Dreamhomesee…, Home Buyer in North Port, FL

What exactly constitutes a Vacation Home and what are the taxes associated with that?

Asked by Dreamhomeseeker, North Port, FL Mon Aug 17, 2009

I am finishing a degree program in NY but want to get the buying and relocating process to Florida started now. If I purchase the North Port home BEFORE completely leaving my NY CoOp, is the Florida home considered to be a Vacation Home? What are the fees, penalties and additional taxes associated with that and do they change once I have relocated? Is there a 'Grace period' that gives me time to close in NY before moving to FL?

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Jason Stevens’ answer
Dreamhomesee- Good luck with finishing your degree program. When you say vacation home, I think most Floridians or better yet most lenders would called them second homes, in other words any residence that is not your "primary" residence. Their are no penalties, fees or additional taxes associated with purchasing a second home here in Florida. However until you become a resident of Flordia and file for the Florida Homestead Exemption you will not be able to apply for it. Please visit http://www.ccappraiser.com and go to the exemption link at the bottom of the page.

You have to be a Florida resident and be in the home as your primary residence by January 1st of this coming year to be able apply for it for the 2010 tax year.

Your taxes are based on the market value of your home as determined by the county's tax appraiser. Having the homestead exemption will allow you to know off up to $50,000 off of the homes taxable value and protects you as the homeowner in that your taxes can not go up by more than 3% per year. I should mention that in this market where values are dropping significantly this works in your favor. Should you have any other questions or would like to talk about your situation in further detail, please contact me I'd be happy to chat with you.

Jason Stevens, REALTOR®, GRI, ABR
Graduate Realtor Institiute
Accredited Buyers Representative
Real Estate Broker Associate
REOTrans Platinum Certified
Kevin Flynn Realty, Inc.
Email: jasonstevens@embarqmail.com
Cell - 941-662-0379
Home Office - 941-698-0973
Home Fax - 941-698-0973
Website: http://www.jasonestevens.com
0 votes Thank Flag Link Mon Aug 17, 2009
Dear Dreamhome Seeker,

Good luck on your new career, and congratulations on your decision to become a Florida resident!

You are entitled to a homestead exemption on your property taxes if your primary residence (you live here for over 6 months per year) is located in the state of Florida. To meet the qualifications, you must be a 'resident' of Florida as of Jan.1 of the year you intend to file for your exemption. So if you purchase a residence here this year, your taxes would be calculated on the assessed value of your new home, then prorated to reflect only the portion of this year that you are the owner of record. For more information and particulars on the Homestead Exemption and Save Our Homes, try this website:
http://www.sc-pa.com/Content/Homestead.asp

Best Regards,
Monica Watermann
0 votes Thank Flag Link Mon Aug 17, 2009
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