Homestead Exemption in Sarasota County Florida –Part 3

By
Real Estate Agent with Kwee Huset Realty
https://activerain.com/droplet/42pR

    Homestead Exemption in Sarasota County Florida –Part 3

 

Q:  How do you assess new additions to previously Homesteaded properties?


A:  We generally use what is called "The Cost Approach" (i.e., the South Florida fair market replacement construction cost -- on a square foot basis -- for an addition of the same quality). For example, if the fair market construction cost of your addition is $100,000, you would see no more than $100,000 added to your pre-existing Save Our Homes value. In the future, the combination of your pre-existing Save Our Homes value plus the cost-basis value of the addition would be your new Save Our Homes base value (subject to the 3% increase cap).

 

Q:  My market value dropped, so why did my
assessment go up?

A: Under Section 193.155, Florida Statutes is the homestead "recapture" provision. If you have a homestead and your assessed value is less than the just (market) value, assessed value will increase each year by no more than 3%, or the increase in the Consumer Price Index, whichever is less.

 

Q:   What is Save Our Homes?


A:   "Save Our Homes" is an amendment to the Florida Constitution that the voters passed in November of 1992. A taxpayer automatically receives the Save Our Homes protection starting the year after first obtaining a Homestead Exemption. This law limits the increase in assessed value for properties receiving the Homestead Exemption to no more than 3% or the increase in the Consumer Price Index (CPI), no matter how much larger the increase in market value would otherwise be.

 

Q:  May someone “inherit” the Save Our Homes value when inheriting a family owned property?


A:
  A surviving spouse may retain the existing Save Our Homes value -- even if the survivor was not previously on title -- so long as the surviving spouse subsequently files for Homestead; OR The person inheriting the property -- or being granted a life estate or beneficial rights under a trust -- was a dependent of the decedent AND was permanently residing on the property at the time of the decedent's death. In all other instances, the person inheriting the property must file for a new Homestead Exemption and lock in a new Save Our Homes value based upon the current just (market) value of the property in the year in which title was granted to the heir.

 

    Related posts:

    Homestead Exemption in Sarasota County Florida –Part 2

    Homestead Exemption in Sarasota County FL - Part 1

    Attention FL Homeowners! Homestead Exemption   Applications end 3/1/2013

 

   Homestead Exemption in Sarasota County Florida –Part 3

  

 This information is provided by Sarasota County Property Appraiser Office. The Property Appraiser is responsible for   assessed values and exemptions and can be reached at

 PA@SC-PA.com  or 941-861-8200

 

Thinking about selling?  Email or call Kwee at 941-716-3090. Thinking about buying in Sarasota County Florida?  Search your dream home here.

 

 

Posted by

 

Kwee-Huset

Kwee Huset

Kwee Huset Realty - Venice Florida Real Estate

Broker/owner, REALTOR®,  CIPS, AHWD, ESRES, TRC  

Call today at 941-716-3090 for results.

info@kweehuset.com   

 

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Show All Comments
Rainmaker
4,799,256
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great information for Florida property owners, Kwee.  The Save Our Homes provision is often misunderstood.

Aug 29, 2013 10:29 PM #1
Rainmaker
4,611,178
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kwee, the Homestead exemption is complicated, and nice of you to break it down the residents of Florida!   Hope you take some time off this Holiday weekend.

Aug 30, 2013 12:00 AM #2
Rainmaker
1,185,495
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Kwee-

The Homestead Exemption Act in Florida sounds like a great tool for homeowners, but understanding all the ramifications is critical to taking full advantage of it. 

Aug 30, 2013 02:14 AM #3
Rainmaker
1,434,944
Yolanda Cordova-Gilbert
Richmond, TX

Kwee,

 This is good information to know about homesteads in Florida. I am glad you are breaking this down in a homestead information into a series.

Aug 30, 2013 08:16 AM #4
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