Property Tax
Property taxes are paid in arrears. This means that you pay for them after you use them. For example, 2007 taxes are billed 11/2007 and due as follows: 4% discount if paid in November, 3% in December, 2% in January, and 1% in February. If your property taxes and insurance are escrowed with your loan, your lender will pay the taxes as early as possible to get the best deal.
When purchasing real estate the seller will compensate the buyer for the amount of taxes the seller incurred while they owned the property. For example, if the closing date is May 30th, the sellers would pay the buyer for 5 months worth of taxes because the seller owned the property for 5 months of the year and did not yet pay property tax for the current year. This will show as a credit to the buyer on the HUD-1 form prepared by the title company.
The Lee County Property Appraiser will send you a TRIM notice in August and you have 25 days from receipt to petition the Value Adjustment Board (VAB) if you feel the assessed value of your property is too high. Keep in mind that there is a lag time when assessing values. Taxes are paid on the assessment of value during the previous year.
Homestead Exemption Lee County, Florida
- Initial fillings must be filed by March 1st
- Must be your primary residence.
- Worth $450 to $550 in savings.
Save Our Homes
Homesteaders automatically get to take advantage of Save Our Home which limits the taxable value of your homestead from increasing more than 3% each year. This bill also encourages people to stay in the same home for longer than they otherwise would due to the property tax savings they receive. The newly proposed Portability legislation will allow homesteaders to take that savings with them to their next homestead.
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