Home Buying in Florida>Question Details

Ron Cielinski, Home Buyer in Toronto, OH

What are the property tax implications for canadians? Can anyone explain the Homestead Act ' and how it?

Asked by Ron Cielinski, Toronto, OH Mon Feb 4, 2008

would affect property taxes if i Buy a condo in Fla?
P.s this is such a great sight--I am going to tell all my otherspotential snow bird friends!!!

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Hi Ron,

The Homestead in Florida only covers the property if it is a primary residence. Luckily for us in Florida,our homestead exemption in now $50,000 up from the 25K last year. There are a few requirements to remember:

Every person who has legal or equitable title to real property in the State of Florida and who resides on the property on January 1 and in good faith makes it his or her permanent home is eligible for a homestead exemption. If title is held by the husband alone, a wife may file for him, with his consent, and vice-versa. If property is held by the entireties, one spouse may file as agent for the other.

If filing for the first time, be prepared to answer these questions:

1. In whose name or names was the title to the dwelling recorded as of January 1?
2. What is the street address of the property?
3. How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter's Registration will be proof of date before January 1.)
4. Do you have a Florida license plate on your car and a Florida driver's license?
5. Were you living in the dwelling on January 1?

I hope this will help you out a little. If you or any of your potential snow birds need any further help feel free to give me a call or shoot me an email. I would love to help some fellow snow birds get great deals right now. I was an Ohio resident, loved it here and decided to stay. This is the time to buy right now. You can get condos for a great buy, and you can get homes for a steal! My email is Mike@iLikeRealtorMike.com my websites have some great info as well: " http://;www.MrOakleaf.com" or " http://;www.iLikeRealtorMike.com

Have a great day!!

Homes for sale Oakleaf Plantation Jacksonville FL
Web Reference: http://www.MrOakleaf.com
0 votes Thank Flag Link Fri Mar 7, 2008
Thank you Tish.
I wasn't positive on thr cap rate for second homes.
0 votes Thank Flag Link Mon Mar 31, 2008
The Homestead exemption is a constitutional guarantee that reduces the assessed value of residential property up to $25,000 for qualified permanent residents. Every Florida resident who has legal or beneficial title in equity to real property in the State of Florida, who resides on said real property, and in good faith makes the same his or her permanent residence to the exclusion of all other places on or before January 1st of the year application is made, shall be entitled to an exemption from all taxation, except non-ad valorem taxes, up to the assessed valuation of $25,000. Commercial usage of property is not subject to any exemption.

The recently passed Amendment One adds another $25,000 to that exemption. The additional homestead exemption does not exempt value subject to school tax levies. The exemption applies only to that portion of the assessed value greater than $50,000.

ONLY property receiving the Homestead exemption is eligible for the Save Our Homes cap on increases in assessed value. In the year following the purchase of a property that is then homesteaded, the property will be reassessed annually with any change resulting from the reassessment to not exceed the lower of
either: 1) three percent of the assessed value of the property for the prior year; or, 2) the percentage change in the Consumer Price Index. The passage of Amendment One in January allows Florida residents who have accumulated that saving on their property to carry it with them to a new property anywhere in Florida, up to a certain limit.

So, as a Canadian, unless you claim your Florida home as your primary residence, you will not be able to take advantage of these savings. However, there was an added benefit to those who own second homes in Florida. Those people now have their own Save Our Homes cap of 10 percent of the assessed value. Since the average property in Florida appreciated at a rate of 92 percent over the years 2000 to 2005, that may be some savings if we have another real estate boom.
0 votes Thank Flag Link Sun Mar 30, 2008
Hello Ron,

You would not receive the Homestead exemption for your taxes unless you became a US citizen and lived in Florida. But they did pass through a bill that doesn't allow the county to be able to raise your taxes over a certain percentage each year. I believe it is 3%.( I could be wrong on the percentage)
Which is great for anyone that doesn't live in Florida or the states.

I hope that I was able to answer your question.
If you have any more, please feel free to contact me.
0 votes Thank Flag Link Sun Mar 30, 2008
Hi Ron: Every person who has legal or equitable title to real property in the State of Florida and who resides on the property on January 1 and in good faith makes it his or her permanent home is eligible for a homestead exemption. If title is held by the husband alone, a wife may file for him, with his consent, and vice-versa. If property is held by the entireties, one spouse may file as agent for the other.

If filing for the first time, be prepared to answer these questions:

1. In whose name or names was the title to the dwelling recorded as of January 1?
2. What is the street address of the property?
3. How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter's Registration will be proof of date before January 1.)
4. Do you have a Florida license plate on your car and a Florida driver's license?
5. Were you living in the dwelling on January 1?

Feel free to contact us regarding any questions, comments and/or concerns you may have.
Best, Mark Palace, CEO/Founder Palace Properties International, Inc.
http://www.PalacePropertiesOnline.com
0 votes Thank Flag Link Sun Mar 30, 2008
Do you mean The Homestead Act as in the US federal law from 1862, or the Canadian law called the Dominion Lands Act? Or, do you mean homestead exemptions? If so, I may be able to help a little :)

In the US, homestead exemptions apply if and only if you own and live in the property which you are claiming for exemption. Some states may require that you own and occupy the property FOR a specified time (e.g. 7 months) and BY a specified time (e.g. January 1), while others may not offer an exemption at all but some other kind of credit instead. There are many other exemptions available as well, and of course many stipulations to meet such as age and income requirements.

Since you're considering Florida, you may be interested to know about the Save Our Homes program and how that affects property taxes. Here's a link to a website that discusses exemptions and Save Our Homes in Florida: http://investmentpropertiesinfo.com/facts_and_figures/florida.html
0 votes Thank Flag Link Mon Feb 4, 2008
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