Taxes Affecting Real Estate

Question 1

When does property taxes become a lien on all real estate Florida?

Answer 1

January 1st each year

Question 2

Homestead Tax Exemption

Answer 2

Applicants must reside in the home and have legal title to the property as of January 1st to be able to file.

Question 3

How much are homeowners entitled from Homestead Tax Exemption?

Answer 3

$25,000 from assessed value of the home for city, county and school board taxes.

Question 4

How are homeowners entitled to an additional $25,000 exemption?

Answer 4

Additional exemption from city and county taxes (not school board) on property’s assessed value grater than $75,000

Question 5

How much of an exemption do widows or widower, legally blind persons, and non veterans who are totally and permanently disabled?

Answer 5

$500 from assessed value of home

Question 6

How much do veterans who are 10% disabled by military service-connect misfortune are entitled to how much exemption?

Answer 6

$5000 on homestead property

Question 7

Florida Green Belt Law

Answer 7

Authorized county property appraisers to assessed agricultural land used for agricultural purposes according to its current value as agricultural land.

Question 8

The Save Our Homes Amendment

Answer 8

Caps assessed value of the homesteaded property may increase in a given year. (3% annually based on the assessed value of the previous year, or the change in the CPI, whichever is less)

Question 9

Property tax certificate

Answer 9

Issued when property owner fails to pay property taxes, the taxing authority must take steps to obtain the tax money.

Question 10

What percent does Property tax certificate start auctioning at?

Answer 10

Starts at 18% and goes down

Question 11

IRS allow homeowners to exclude up to ______ of gain realized on the sale or exchange of principal residence. (_______ for married couples filing jointly)

Answer 11

$250,000, $500,000