What Is A Homestead Exemption?
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- เผยแพร่เมื่อ 30 พ.ค. 2022
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Lindsey Johnson is a realtor in Gainesville, FL. She graduated from The University of Florida and has made Gainesville her home. She has been in sales for most of her professional career. Lindsey's many years of sales experience will allow her to assist you in buying or selling your home. She is an excellent communicator and can fulfill your real estate needs with integrity and professionalism.
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The style of this video is similar to Malcolm Lawson and Javier Vidana in parts. Also influence on this series has come from content creators like Kristina Smallhorn and Tom Ferry.
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We should just abolish property taxes altogether
Is this homestead exemption based on an assessment of the property value from when the property was first purchased (1986)? Or is a new up to date assessment of the property value required?
When you buy a property the city/county assesses your property value and calculates your property taxes based off of about 85% of that (at least in my area… could be different elsewhere). In Alachua county once you homestead a property, your taxes cannot fluctuate more than 3% yoy so over time it’s a HUGE savings. Now… if you rent it out, move away and lose that homestead exemption, your taxes will be reassessed for todays value.
For your question specifically, is the 1986 property already homesteaded?
Does being married or single impact the amount of discount you get?
It does- in my area you get a $25k exemption each for a married couple (total $50k). If you’re single you would qualify for $25k
To clarify you’re not saving $25k but the city/county is taking $25k off the taxable value. For example- if your taxable value is $150,000 and you have $25k in homestead exemption, then your taxable value is $125,000.
There are also exemptions for military, elderly, widow/widower, etc. definitely check with your property appraiser about potential benefits you can take advantage of.
@@LindseyJohnsonRealtor i called my county appraisal office they said it didnt matter if I added my spouse or not?
Im in Texas...
@@companiamzzambada9858 might be different in your area…which city?
@@LindseyJohnsonRealtor galveston county, League City TX
@@companiamzzambada9858 I think your rules in TX may be different than ours in FL. @jeremyaknight can you weigh in? (Psst… he’s your TX expert)
Can you run a business from a homestead property
It may depend on your area, also your HOA rules or Deed restrictions (so check out your area) but yes you can- if you claim part of your home for taxes it will change the taxes owed when you sell so make sure you contact a real estate attorney if you’re thinking of selling.
Good question! Im in same situation.
shes cute