Florida is a right to work state, has no State Tax, and charges sale taxes of 6, 6.5 and 7%, depending which county you live in. We in Lee County are charge 6 % sales tax.
For property owners within the state that has adapted Florida as their primary resident. They are given additional benefits:
Homestead Exemption is a constitutional benefit of up to a $50,000 exemption removed from the assessed value of your property. It is granted to those applicants who possess title to real property and are bona fide Florida residents living in the dwelling and making it their permanent home on January 1. Documentation that proves you were a resident at the homestead property is required.
Who Is Eligible to File for an Exemption?
Those individuals whose names appear on the deed and who reside on the property as of Jan. 1 and who are bona fide Florida residents as of January 1 are eligible to file. Seasonal or temporary rental of the homestead may be considered abandonment of the homestead exemption – contact the PA Office for information.
* Regardless of the type of tenancy, it is recommended that all persons whose names appear on the deed and reside on the property apply for the exemption to safeguard your benefits from ownership changes in the future due to death, divorce or other changes. Properties that are used as rental property (seasonal or annual) do not qualify as homestead property.
Amendment 10 – “Save Our Homes”
What Is “Save Our Homes”?
SOH places a limitation of 3% on annual assessment increases on homestead exempt property. For all property first granted homestead exemption in the prior year, that year’s assessed value will be the base value for the implementation of “Save Our Homes”. Thereafter, the assessed value will not increase more than 3% or the percentage change in the Consumer Price Index, whichever is less. The property’s market value may differ from SOH assessed value. SOH assessed value will never be greater than market value.
What properties are affected?
Homestead exempt properties only.
I hope this provide some insight regarding property taxes in Florida. Your initial property tax is based on 90% of the purchase price of the home and should not be based on current property taxes. If you have any questions regarding anything, please drop me an email but best to talk with the taxing authorities in Lee County.
I do have some useful tools available that you can use to help get a good estimated idea on what your tax’s could be and even a calculator what your monthly payment could be. For this please go to my web blog: https://rwolchesky.wordpress.com/tools/
Also, you may want to book mark this page and check out my other features.Changes are always being made. Leave your comments, good or bad. They are always motivating and rate the pages too. Drop a line and let me know what you would like a little more information on. But Always remember, “Pictures without the information is never the whole and true story ~!” Realtor Ron W