Taxable Value And Homestead Exemption

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matt33445

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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
 
1. You must live at the residence as of January 1st of the year claimed, and apply for the exemption no later than March 1st. If you rent your property, then you lose the exemption.

2. Your homestead exemption is an automatic $25,000 in the State of Florida (that's why it's currently $166K, rather than $191K - a $25K difference).

3. I need to know your total mills in order to calculate the increase (mills are the County, City & School Board figures listed on your tax bill - I need the numerical, with decimal points, not the dollar amount). Once you provide that, I can give you my calculation, and explain how to calculate it.

There's other exemptions also, but you must be a widow, widower, blind, 100% disabled non-veteran, 10% or more disabled veteran, or over the age of 65 with an income of $20K or less.
 
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