Florida Property Taxes – Top “3 Benefits” of Florida Homestead
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Florida Property Taxes – Top “3 Benefits” of Florida Homestead


Hi everyone. This is your Tampa Realtor Lance Mohr and in this video I want to talk about Florida property taxes and
more specifically the homestead in Florida how it works the advantages of
it and then how you could get more detailed information on the property
taxes if you have any questions I’m going to go over all this in this short
video people are very confused when they’re moving to Florida they’ve never
lived here and don’t understand homestead Oise don’t understand property
taxes so let me talk a little bit about our homestead law and it’s it’s a lot
different than other states I’ve lived in California where they have the
homestead I’ve lived in Texas where they’ve had the homestead and it’s so
much better in Florida so let me go backwards from 3 to 2 to 1 so the number
3 benefit of having a homestead is the $50,000 exemption so let me give you an
example and how the taxes work out here let’s say you’re buying a home for once
to say $300,000 and you witness a new home or it could be pre-owned and you’re
looking at it you’re trying to figure out what your property taxes are the
best thing to do is not look at what they are right now so someone’s living
in it that’s what their property taxes are and I’m going to explain a little
bit more of this a little later if you don’t want to pay any attention to
theirs so you buy the home for 300,000 the best thing to do is figure they’re
gonna assess you 85 percent so they’re gonna assess you two hundred and fifty
five thousand dollars for the home now it may even be lower like in my cases
it’s a lot lower on many of my properties so anyhow you’ll look at 2:55
and then you’ll want to take the 50 thousand dollar homestead exemption off
of that so you’re basically a tax base of two hundred and five thousand dollars
then depending on what can you live in and what their millage rate is now when
I say millage rate so example Hillsborough County in Florida the
millage rigs about twenty one so twenty one would be about two point one percent
so if you have a two $105,000 estimate you take 2.1 percent
that’s your taxes now if you have CTD fees on top of that you’re gonna have to
add those in now keep in mind CDT fees are included in the property tax bill
let me repeat this because there’s a lot of confusion out there see didi fees
which stands for Community Development District fees are included in the
property tax bill all right so I have a video on CTD fees if you’re not really
sure what they are you definitely want to watch this video because pretty much
all new and newer homes have them you could watch it up here but they are
included in the property tax bill so you just need to get an estimate on what
they’re going to be the second thing that’s really nice about our homestead
law out here is that Criers can’t go after your primary residence so if if
something happens and you have a lawsuit and not an attorney so unique legal
advice but if that does happen creditors can’t go after your primary residence if
it’s homesteaded hence years ago OJ Simpson moved to Florida why’d he moved
to Florida his home was protected so anyhow at least that’s why I think he
moved in moved to Florida so that’s the second thing the number one thing that’s
probably the biggest advantage is they cannot tax you over 3% of your assessed
value so if your home is worth let’s just say $300,000 and you buy it and
that the home prices are continuing to go up and up and up
they can’t assess it for more than 3% that’s why you never want to use what
someone else’s tax base is because if their home is homesteaded and they’ve
owned they’ve lived in it for many years their tax base is gonna probably be very
low see it didn’t work like this another states I lived in but it’s a huge huge
benefit for women in Florida now if you want to get more information on the
taxes you just need to look at the tax bill it’s public records so I’m going to
give you an example just in Hillsborough County you go to Hills tax org
you do a search for the property you put the address in there and then you just
take the most recent bill and it will be in a PDF format you open it up and you
could look at it it’s gonna say what all the different taxes are so it’s gonna
say what the school taxes are and what percentage and and what’s the dollar
amount then it’s going to give the phone number if you want to call someone about
it and what this is really helpful for is
when you’re looking at CDD fees if you want to get more information and you’re
in a community that has CDD fee when you open it up it’ll say calm it will
usually say calm Devon it will have the phone number and then you can just
simply call the phone number talk to them ask them what’s all in the CDD you
know what type of bond do they have in there how long is the bond gonna last
for is its 20-year bond 30-year bond when was it taken out what else is in
there like the maintenance or if it’s real whoa homeowners association dues
that are in there well you might want to see if that’s in you know Avro whoa
homeowners association dues ask them if some of that’s wrapped into the cddp so
get an idea but that’s where you go and get it yeah any questions don’t hesitate
to give me a call if you like this video give me a thumbs up or leave a comment
below I appreciate it I wish you the best of luck and I hope this helps you
have a great day you

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14 thoughts on “Florida Property Taxes – Top “3 Benefits” of Florida Homestead

  1. Another great video Lance.
    I never heard of homestead law or cdd fees.

    So any home I buy in FL for my primary residence is covered by homestead law?

  2. Question i live in south Florida my property taxes are low around 1500$ now I'm buying another house 400k the taxes on this house are around 8k what the best thing to do keep my homestead on the first property or move it to the new house ?

  3. Thanks for the great video ,
    Question.
    I see everyone applies for 25k in exemption , what are the requirements for have the 50k Exemption ?
    Thanks a lot Lance.

  4. Once you apply and are approved for homestead exemption, do you need to take any further steps, or can you essentially disregard your property taxes?

  5. If I buy a 10 million dollar home in Florida and file chapter 7, clear all my debt and keep my 10 million dollar home. How long do I have to wait after the chapter 7 cleared to sell my 10 million dollar home and use the cash for other stuff (not buying another property)?

  6. My understanding about Homestead is that you are eligible only if you are a Florida resident. Since I reside in NY, I'm not able to qualify for the exemption on my home in Tampa.

  7. I have homestead on my condo and my property taxes are still going up. Last year my property taxes went up $600 a year higher. Homestead does nothing in the end.

  8. Hello Lance,Thinking of buying a Piece of raw land in Florida for homesteading purposes (Less than $10K) does this $50000 credit apply to this?

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