Hi
I am a resident of Broward county, Florida and my current assessed value is $191,000, homesteaded taxable value is $166,000 and ad-valorem taxes is 3,900 based on mileage code 0332.
In 2006, I will be out of town and am thinking on renting my property temporarily this year and move back in 2007 and need clarifications and calculations regarding the tax impact:
1. Am I correct to assume that renting the property will legally obligate me to lose my exemption for 2006 and having to reapply for exemption in 2007 when I move back?
2. How will the loss of the homestead exemption in 2006 impact my assessed value, taxable value and ad-valorem taxes for 2006? 2007?
3. What is the maximum change ($ or %) to expect on my my assessed value, taxable value in 2006? 2007?
It would be great if you could provide me with some detailed figures and calculations so that I can calculate the rental fee needed to cover that expense.
Thank you in advance,
Matt
I am a resident of Broward county, Florida and my current assessed value is $191,000, homesteaded taxable value is $166,000 and ad-valorem taxes is 3,900 based on mileage code 0332.
In 2006, I will be out of town and am thinking on renting my property temporarily this year and move back in 2007 and need clarifications and calculations regarding the tax impact:
1. Am I correct to assume that renting the property will legally obligate me to lose my exemption for 2006 and having to reapply for exemption in 2007 when I move back?
2. How will the loss of the homestead exemption in 2006 impact my assessed value, taxable value and ad-valorem taxes for 2006? 2007?
3. What is the maximum change ($ or %) to expect on my my assessed value, taxable value in 2006? 2007?
It would be great if you could provide me with some detailed figures and calculations so that I can calculate the rental fee needed to cover that expense.
Thank you in advance,
Matt