Mary, Both Buyer and Seller in Georgetown, KY

HOW MUCH IS ALLOWED FOR HOMESTEAD EXEMPTION?

Asked by Mary, Georgetown, KY Mon Apr 6, 2009

WHAT ARE THE QUALIFICATIONS FOR THE EXEMPTION

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3
Mary,

Homestead exemption is one way to reduce the amount of real estate taxes you will have to pay on your residential property. In the State of Florida , if you own property, reside on that property and are a permanent resident of Florida , all as of January 1st of the tax year, you may qualify for a $25,000 homestead exemption. That could mean a savings of about $425 in property taxes!

Homestead Exemption is $25,000 deducted from your assessed value before the taxes are calculated plus an additional $25,000 homestead exemption applied to the assessed value above $50,000. The additional exemption does not apply to school taxes. The year after you qualify for homestead exemption, your assessed value cannot increase more than 3% per year, or the increase in the consumer price index, whichever is lower. The increase is not automatic since the assessed value cannot be greater than the market value.
Web Reference: http://www.GabeSanders.com
1 vote Thank Flag Link Mon Apr 6, 2009
Mary,
What a good question. You should contact http://www.paslc.org. That is the site for the property appraiser. There are exemptions for having your Florida property as your primary residence, also for elderly, and disabled. That site is a wealth of information. Hope this helps!
Debbie Albert
http://www.RonAndDebbie.net
0 votes Thank Flag Link Mon Apr 6, 2009
Mary,

Here's a link for you to review homestead exemptions for pt st. lucie....http://www.paslc.org/main-exemptions.asp

Kay Pearson, CRS
Associate Broker
Nettles Coastal Realty
9803 S. Ocean Drive
Jensen Beach, Florida 34957
248-860-0366
Web Reference: http://www.KayPearson.com
0 votes Thank Flag Link Mon Apr 6, 2009
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