Property taxes are always a challenge- buyers and sellers usually assume the taxes on the listing are what they can expect to pay, and it's just not the case. It was time to make a video for you- hope it helps? 🏡
The local property appraisers have also done a better job in recent years in updating their websites and making the info more accessible. The way MLS presents it hasn't changed though, and it IS confusing even more so for first time buyers.
Hi. Thank you for this explanation of property tax and homestead exemptions. I’m still unclear on portability. We purchased aa condo in St Pete, March 2019 for $1M, we established a homestead at that time. We sold that condo November 2020 for $1.3M and purchased a new condo January 2021 for $2M and ported our homestead to the new property. The property tax on our former condo was $13k per year, the first year in our new, more expensive condo was $26k. Then, the January following our close of the new condo (January 2022) the property tax “reset” and the property tax went to $40k. Why did the property tax increase so much considering we had a ported homestead exemption? Can you better explain the impact of porting the homestead exemption and that impact? Thank you.
Thank you for watching, and for your comment. I appreciate your interest in understanding portability. Porting a homestead exemption can be a bit complex, and the benefit can be impacted by several interwoven factors. Sometimes a buyer benefits (OR NOT) from the prior owner's homestead status in the first year. Also property taxes do reset on sale- we have sellers who lived in homes for 25-30 years paying just a couple of HUNDRED on taxes and the reset at sale for the new owners took the taxes to THOUSANDS based on the market value. Tax assessed values, market values, and also your short "tenure' as a homestead owner may have impacted you. I certainly encourage you to reach out to Mike Twitty directly- www.pcpao.gov/ - he and the team at the Pinellas County Tax office are great. Also, we encourage the use of all the tools on their website to explore specific situations like estimating the tax on an upcoming purchase www.pcpao.gov/tax_estimator. 40K is a chunk for sure!
Hi Loretta- for property taxes there are two caps basically. If you stay in your Florida home for the majority of the year, you may qualify for the homestead exemption and cap of 3%. Beyond that, there is an additional cap for all other property and homeowners, it's just not as generous as it caps increases at 10% instead of the 3%, still better than no cap at all! - The local tax office is also responsive. Let me know if we can help further!
Property taxes are always a challenge- buyers and sellers usually assume the taxes on the listing are what they can expect to pay, and it's just not the case. It was time to make a video for you- hope it helps? 🏡
The local property appraisers have also done a better job in recent years in updating their websites and making the info more accessible. The way MLS presents it hasn't changed though, and it IS confusing even more so for first time buyers.
Thanks. The local county property appraisers we meet with are helpful for sure and their office staff too.
@@martinjackson1552 please share! LOl
Hi. Thank you for this explanation of property tax and homestead exemptions. I’m still unclear on portability. We purchased aa condo in St Pete, March 2019 for $1M, we established a homestead at that time. We sold that condo November 2020 for $1.3M and purchased a new condo January 2021 for $2M and ported our homestead to the new property. The property tax on our former condo was $13k per year, the first year in our new, more expensive condo was $26k. Then, the January following our close of the new condo (January 2022) the property tax “reset” and the property tax went to $40k. Why did the property tax increase so much considering we had a ported homestead exemption? Can you better explain the impact of porting the homestead exemption and that impact? Thank you.
Thank you for watching, and for your comment. I appreciate your interest in understanding portability. Porting a homestead exemption can be a bit complex, and the benefit can be impacted by several interwoven factors. Sometimes a buyer benefits (OR NOT) from the prior owner's homestead status in the first year. Also property taxes do reset on sale- we have sellers who lived in homes for 25-30 years paying just a couple of HUNDRED on taxes and the reset at sale for the new owners took the taxes to THOUSANDS based on the market value. Tax assessed values, market values, and also your short "tenure' as a homestead owner may have impacted you. I certainly encourage you to reach out to Mike Twitty directly- www.pcpao.gov/ - he and the team at the Pinellas County Tax office are great. Also, we encourage the use of all the tools on their website to explore specific situations like estimating the tax on an upcoming purchase www.pcpao.gov/tax_estimator. 40K is a chunk for sure!
Still confused
We can try and help you out with that- which part is giving you trouble? Are you already a homeowner in FL?
I live in NJ. and own 2 lot of land for 2 years. was plan to build my retire home later.. Do i qualify property CAP when I am not permenant resident?
Hi Loretta- for property taxes there are two caps basically. If you stay in your Florida home for the majority of the year, you may qualify for the homestead exemption and cap of 3%. Beyond that, there is an additional cap for all other property and homeowners, it's just not as generous as it caps increases at 10% instead of the 3%, still better than no cap at all! - The local tax office is also responsive. Let me know if we can help further!