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The Truth About Florida Taxes

Palm Coast, Florida – March  2011 – A study by the Tax Foundation, a non-partisan, non-political think tank looks at the combined federal, state, and local tax burden by state. Florida ranks fifth among the best states, behind South Dakota, Alaska, Wyoming, and Nevada. Why does Florida rate as one the lowest taxed states? NO Inheritance Tax NO Income Tax NO Capital Gains Tax IT GETS BETTER: Homestead Exemption On Primary Principal Residence $50,000 HOMESTEAD EXEMPTION  If you have legal title to a residential property and live in Florida permanently as of January 1 of the current year, you will qualify for this extraordinary exemption. You must apply in person at any time during the year. The deadline is March 1st of the qualifying year. $500 WIDOW/WIDOWER EXEMPTION   If you are a legal and permanent resident of Florida you qualify for this exemption. $500 DISABILITY EXEMPTION  You will qualify for this exemption if you are permanently disabled. $5000 DISABLED VETERANS EXEMPTION U.S. Military personnel with a service-connected disability of 10% or more are entitled to this exemption.  A Veterans exemption equal to the amount of disability is available if the Veteran is age 65 or older, and was a Florida resident at the time of entering military service and  whose disability was combat-related and who was honorably discharged. $500 BLIND EXEMPTION  Every Florida resident who is blind qualifies for this exemption   WHAT NEW HOMEOWNERS NEED TO BE AWARE OF In Florida, State law limits the annual increase in the assessed value, not the market value of Homestead Property, to 3% or the Consumer Price Index (CPI), whichever is less. This is called SAVE OUR HOMES. When homesteaded property is sold, that limitation is removed and the property is reassessed. This results in a new assessed value. In the last couple of years,  the taxable value has actually dropped after the first year of purchase. However, if you purchased a homesteaded property, the taxable value of the property can increase the first year after the sale if the previous owner had the property homesteaded for several years and if they had any or ALL of the exemptions above. REMEMBER:   ASSESSED VALUE - ANY EXEMPTIONS = TAXABLE VALUE   This is important to note and to understand because if your taxes are paid by your mortgage company, you will see an increase or decrease in your monthly payment. This will be determined by the increase or decrease in taxes.  When there is a change in ownership, the assessed value will be brought up or down to the market value. This change in ownership may include just a name change on your DEED. ACCORDING TO SECTION 193.155 (3) FLORIDA STATUTES: "Property shall be assessed at just value as of January 1 of the year following a change of ownership. Therefore, adding or removing the name of an individual as a joint owner of the property can require the property's assessed value to be reassessed at the market value of January 1, following the change of ownership if the new owner applies for Homestead Exemption".
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