Today we’re talking about Florida
property taxes and three key benefits of the Florida homestead exemption and
we’re getting started right now! (INTRO) Hey what’s going on I’m Emmett Dempsey
Mortgage Advisor with Geneva Financial here in beautiful Port Saint Lucie
Florida and welcome to another mortgage and home buying tip. If this is your first
time here, and you want to learn more about mortgages or the home buying
process in general go ahead and subscribe to my channel and ring that
bell so you don’t miss anything. okay Florida property taxes what are they how
do they affect you and once I my three benefits at the Florida homestead
exemption Florida property taxes what are they are there ways for your your
city and local officials to raise funds are they gonna pay for your police your
firefighters your schools your roads etc and every November those tax bills come
out you know based off of the assessed value of your particular property that
you own and obviously for a more expensive property will pay more in
taxes because it’s a progressive tax system so every November you come out
with the the tax assessed values so let’s talk about the homestead exemption
and what that is and how that benefits you the the first benefit of the
homestead exemption is a $50,000 discount off of your property tax
assessed value your tax assessed value gonna be slightly lower than your market
value as a general rule it’s about 85 percent of your market value so for a
hundred thousand dollar property your tax assessed value basis about eighty
five thousand so if you have your fifty thousand dollar exemption you know you
just knocked it off the eighty five thousand that’s your tax assessed value
and also if you’re a veteran a disabled veteran or our senior citizen you get an
additional exemptions check with your local property appraiser to see which
exemptions that you’re eligible for so that’s that’s number one is those
exemptions off your property taxes if this is the house that you live in and
would be your homestead the second benefit of homestead exemption of course
is the creditor protection when OJ Simpson had his his troubles he moved to
Florida bought a big old house and then he was kind of insulated with always
loser creditors so when he was started to get sued civilly and I said they
couldn’t touch his homestead or the equity in that property so creditor
protection is very important the third benefit of the homestead exemption is a
three percent cap going back to the tax assessed value you’re starting
in 85,000 it can’t go a little more than three percent a year so it has a ceiling
on appreciation even if a particular area is appreciating more than three
percent the maximum they can assess you is three percent a year so when you’re
looking at property you want to see if it’s been homestead and you can see that
tax bill has been kind of kept low for a while or if you’re buying a property Mel
homestead of taxes they could have aggressively grown that tax base in
their property so I see it all the time where you have two identical properties
one homestead and one’s not and the tax was can be drastically different which
can affect your mortgage payment when you go to buy you know so you when
you’re looking at property definitely go onto the property website the property
appraisers website here in stillness the counties PLC org and you can kind of
check what that tax bill is so to recap your your tax bill comes out every
November the home so exemption you the three great benefits of course is your
$50,000 the creditor protection as well as the three percent cap so again if you
know this is the service I provide you know when you go to look at property
I’ll show you what your taxes are kind of go over that what to expect when you
buy the property and also on the following year so again if you want your
personalized mortgage consultation a jabón you want to get pre-approved give me a
call going dempseymortgage.com again you want to learn more about mortgages
or the home buying process in general go ahead and subscribe to my channel ring
that bell so you don’t miss another video and again thank you so much for
watching and I’ll see you on the next one!

Florida Property Taxes | 3 Benefits of The Homestead Exemption

One thought on “Florida Property Taxes | 3 Benefits of The Homestead Exemption

  • April 26, 2019 at 1:13 pm
    Permalink

    Learn some basics about Property Taxes and 3 benefits of the Homestead Exemption. Thanks for watching! Please like, share and subscribe!

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