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34269 : Real Estate Advice

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Tue Feb 15, 2011
Tom Priester answered:

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
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Wed Mar 24, 2010
Alma Kee answered:
Hey David,

Call your lender immediately to be sure your agent has submitted a contract at the price you signed. It may be possible your Realtor is trying to do a same-day flip and not showing the bank your contract but a lower priced contract! One way to be certain what is going on is to contact your lender directly.

If it turns out your lender has a falsified contract that you didn't sign then call the FBI immediately and have the Realtor prosecuted!

From what I heard today the FBI has added about 200 extra agents in Florida to do sting operations on Realtors/Investors/Owners committing short sale fraud.

Hope this helps you. Hopefully your Realtor is acting in your best interest and not their investor or themselves! Unfortunately I see shady deals every day in Short Sales in Tampa Bay--especially by certain listing Reators and well known Real Estate firms. Why their brokers allow these agents to get involved in these suspect deals seems like pure stupidity to me...
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