Brian Kile

Hello,
The 2008 taxes were $2,790 without the homestead tax exemption. The millage rate for 2008 was 14.8793, and the non-ad valorem (set tax amount regardless of property value) taxes were $531.55. The taxes were all based off of a value of $151,800. So if you were able to add homestead exemption to this property, even if the value stayed at $151,800 and as long as the millage and non-ad taxes stayed the same, your taxes would only be approximately $1,690 plus the non ad valorem of $531.55 for a total of $2,222. But if they were to reduce the market value to say $100,000 which is much more likely for next year, then with the homestead you would only be paying $920 plus the non ad taxes of $531.55 for a total of $1,451.55, and with the homestead exemption you would be able to lock that in to only increase a maximum of 3% per year as long as it is your homestead! So you can see how beneficial it will be to buy at a market this low, not only do you get a great price on the house, you get locked in at low tax values if you can homestead. Also keep in mind that if you have not owned a home in the last 3 years you may qualify for the $8,000 free from the government but you have to buy before December 1, and also if you are not from Florida keep in mind that there is no state income tax in Florida, so there is a great benefit to buy right now. Please visit my website for more information at http://www.BrianKile.com, or let me know if you have any other questions. - Thu Jul 9 2009, 15:02