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Florida Property Taxes - Top "3 Benefits" of Florida Homestead - YouTube
Channel: Tampa Real Estate Expert
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Hi everyone. This is your Tampa Realtor Lance Mohr and in this video I want
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to talk about Florida property taxes and
more specifically the homestead in
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Florida how it works the advantages of
it and then how you could get more
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detailed information on the property
taxes if you have any questions I'm
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going to go over all this in this short
video people are very confused when
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they're moving to Florida they've never
lived here and don't understand
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homestead Oise don't understand property
taxes so let me talk a little bit about
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our homestead law and it's it's a lot
different than other states I've lived
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in California where they have the
homestead I've lived in Texas where
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they've had the homestead and it's so
much better in Florida so let me go
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backwards from 3 to 2 to 1 so the number
3 benefit of having a homestead is the
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$50,000 exemption so let me give you an
example and how the taxes work out here
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let's say you're buying a home for once
to say $300,000 and you witness a new
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home or it could be pre-owned and you're
looking at it you're trying to figure
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out what your property taxes are the
best thing to do is not look at what
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they are right now so someone's living
in it that's what their property taxes
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are and I'm going to explain a little
bit more of this a little later if you
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don't want to pay any attention to
theirs so you buy the home for 300,000
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the best thing to do is figure they're
gonna assess you 85 percent so they're
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gonna assess you two hundred and fifty
five thousand dollars for the home now
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it may even be lower like in my cases
it's a lot lower on many of my
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properties so anyhow you'll look at 2:55
and then you'll want to take the 50
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thousand dollar homestead exemption off
of that so you're basically a tax base
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of two hundred and five thousand dollars
then depending on what can you live in
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and what their millage rate is now when
I say millage rate so example
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Hillsborough County in Florida the
millage rigs about twenty one so twenty
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one would be about two point one percent
so if you have a two
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$105,000 estimate you take 2.1 percent
that's your taxes now if you have CTD
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fees on top of that you're gonna have to
add those in now keep in mind CDT fees
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are included in the property tax bill
let me repeat this because there's a lot
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of confusion out there see didi fees
which stands for Community Development
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District fees are included in the
property tax bill all right so I have a
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video on CTD fees if you're not really
sure what they are you definitely want
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to watch this video because pretty much
all new and newer homes have them you
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could watch it up here but they are
included in the property tax bill so you
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just need to get an estimate on what
they're going to be the second thing
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that's really nice about our homestead
law out here is that Criers can't go
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after your primary residence so if if
something happens and you have a lawsuit
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and not an attorney so unique legal
advice but if that does happen creditors
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can't go after your primary residence if
it's homesteaded hence years ago OJ
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Simpson moved to Florida why'd he moved
to Florida his home was protected so
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anyhow at least that's why I think he
moved in moved to Florida so that's the
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second thing the number one thing that's
probably the biggest advantage is they
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cannot tax you over 3% of your assessed
value so if your home is worth let's
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just say $300,000 and you buy it and
that the home prices are continuing to
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go up and up and up
they can't assess it for more than 3%
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that's why you never want to use what
someone else's tax base is because if
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their home is homesteaded and they've
owned they've lived in it for many years
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their tax base is gonna probably be very
low see it didn't work like this another
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states I lived in but it's a huge huge
benefit for women in Florida now if you
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want to get more information on the
taxes you just need to look at the tax
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bill it's public records so I'm going to
give you an example just in Hillsborough
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County you go to Hills tax org
you do a search for the property you put
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the address in there and then you just
take the most recent bill and it will be
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in a PDF format you open it up and you
could look at it it's gonna say what all
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the different taxes are so it's gonna
say what the school taxes are and what
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percentage and and what's the dollar
amount then it's going to give the phone
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number if you want to call someone about
it
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and what this is really helpful for is
when you're looking at CDD fees if you
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want to get more information and you're
in a community that has CDD fee when you
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open it up it'll say calm it will
usually say calm Devon it will have the
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phone number and then you can just
simply call the phone number talk to
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them ask them what's all in the CDD you
know what type of bond do they have in
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there how long is the bond gonna last
for is its 20-year bond 30-year bond
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when was it taken out what else is in
there like the maintenance or if it's
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real whoa homeowners association dues
that are in there well you might want to
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see if that's in you know Avro whoa
homeowners association dues ask them if
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some of that's wrapped into the cddp so
get an idea but that's where you go and
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get it yeah any questions don't hesitate
to give me a call if you like this video
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give me a thumbs up or leave a comment
below I appreciate it I wish you the
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best of luck and I hope this helps you
have a great day
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you
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