In My Neighborhood in 34269>Question Details

Judith Miller, Home Owner in 16001

Because of my health and family obligations, I will only be living in my Florida residence 4-5 months of the year. Will my property taxes double?

Asked by Judith Miller, 16001 Mon Feb 14, 2011

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3
Depending on the value of your property. If it is value over $100K it will increase but not double.
1 vote Thank Flag Link Mon Feb 14, 2011
Judith,

In order to qualify for the homestead exemption you must use that residence as your primary residence which typically means you spend a least 6 months and 1 day there in any calendar year. The effect this will have on your property taxes will vary depending on the value of the property. The homestead exemption in Florida is $50,000 so if your property is valued for property tax purposes at $100,000 your taxes if homesteaded would be about 50% when compared to what they would be in you did not homestead the property.

If your property is valued at $250,000 the percentage of property tax increase would be much smaller. Remember also that in Florida the assessed valuation of a homesteaded property cannot be raised more than 3% a year and this is not true of a non-homesteaded property so this can also have a huge impact on future tax bills once we start seeing some meaningful appreciation which is still probably at least 2 to 3 years down the road in most areas of Florida.

Best of luck and if I can offer anything additional please feel free to contact me at your convenience..


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"


Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Tue Feb 15, 2011
A Ballpark idea of the $50k Homestead exemption is it's worth about a $700 discount. Of course it also depends on your "millage" rate for your property.
0 votes Thank Flag Link Tue Feb 15, 2011
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