Property tax savings with Homestead Exemption. Deadline to apply is March 1.

If you purchased your primary residence last year, don't forget to file for your Homestead Exemption Application so that you can take advantage of the 'Save our Homes' feature in the state of Florida. All Property Tax Exemption Applications are due on or before March 1st.

State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.

To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010

To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net

I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!

Property Taxes

Those of us who own property in Miami-Dade County should have received our property tax notice this week. With all the talk and news about declining property values, you may wonder why your tax bill didn't decline, too.

Although many homes' ASSESED VALUES were reduced, there many be an INCREASE in the millage rate. Otherwise it may be that the assessed values are based on last year.

The Miami-Dade County property tax bill is based on 'market value' which is defined by sales of comparable property nearby. Values of 2009 tax bills are based on what a property was worth January 1, 2009, which means the county property taxes are based on sales from last year. That means if your property value has declined this year because of falling prices, your tax bill won't represent those changes.

Background information:

Real Estate Taxes are collected on an annual basis by the Tax Collector's Office. The tax year runs from January through December and taxes are due before April 1 the following year with discounts applied if paid earlier.

Explanation of distribution of property taxes can be found with 2009 proposed mileage at
http://www.miamidade.gov/taxcollector/property_tax_whereitgoes.asp

Want to know more about Homestead Exemption? http://www.miamidade.gov/pa/exempt_homestead.asp

Do You Want to Try to Appeal Your Tax Bill?

If you think your tax assessed value does not reflect the market price of 2008, you can try to appeal your taxes. It's important to have documented evidence of an error and follow the guidelines carefully. In Miami-Dade County, file a petition with the Miami Dade County's Value Adjustment Board before the Sept. 18 deadline. Pay your property taxes and if your case has merit, you will receive a reimbursement for part of what you paid.
Here is a website to guide you:
http://www2.miami-dadeclerk.com/vab/FAQs.aspx#HowDoIgoaboutappealingmypropertytaxes?

Portability -- Another opportunity for property tax savings

Thinking about selling your home and moving to a larger home in Florida to take advantage of lower property values? Buying a larger, higher priced home today should more than make up for the equivalent lower property value of your current home. Since 2008, homeowners may be able to transfer (or port) the savings they have accumulated (known as the Homestead Assessment Difference) to another homesteaded property up to $500,000. Ask me how!