In an attempt to provide you the most complete and updated information currently available, Marti Timple has prepared this page for the convenience of our clients and customers.
As we talk to friends and neighbors on a daily basis, we find that there are many misconceptions about Florida's Homestead Exemption and the "Save Our Homes" programs. While one Florida homeowner paid $8,343 in taxes last year, his neighbor, with a larger home of greater value paid only $4,389. From house to house, block to block, and neighbor to neighbor, this same scenario is repeated, and with ever increasing appreciation, the disparities are ever multiplying. The winners seem to be those who buy a property, file for Homestead Exemption, and then stay put. While "Save Our Homes" limits the annual increase on assessed value on which the homeowner is taxed to 3%, it does not mean that tax increases will be limited to 3%, since taxes owed are based on assessed value multiplied by the community's approved millage rates,.
Save Our Homes, approved by voters in 1992, places a 3% limitation on the annual amount the assessed value can increase on homesteaded properties. Exceptions to this limitation include improvements or new additions to the property, or when a previously homesteaded property sells. Lacking a Homestead Exemption, there is virtually no limit on the assessed value, though counties must arrive at assessed value based on rules established by Florida Statutes.
By clicking on any of the links in the window above, you can quickly access:
Detailed Information on Florida's Homestead Exemptions
Detailed Information on Florida's "Save Our Homes" Legislation
Detailed Property and Taxation Information from the Lee and Collier County Property Appraisers' offices
As an experienced real estate professional, I look forward to providing ongoing quality real estate services to you and others. Thank you for visiting www.InsideSpanishWells.com. I trust you will find the information provided herein to be of value.