Appraisers' Free Forum

I need some help finding a home in the Homestead, Florida area. Looking for a buyer exclusive agent who will inform and protect some buyers. Also I need info on hurricane insurance, and I heard that the homestead tax exemption has apparently run completely amok in Florida. Like taxes are kept low and then when someone buy a home and the taxes go up dramatically. Also the buyer agent you recommend if requested, should be able to help the lender find an appraiser who is not interested in experimenting with the application of atmospheric extractions in place of market driven adjustments.
Also please tell me all of the pitfalls of buying a home in southern Florida. We are not interested in talking to listing agents at this time.

Edd,

Good luck with regards to Homeowner's/Hurricane Insurance! I don't know that any of the "big boys" are currently writing new policies in FL at this time. You might have to fall into the Citizen's fund and I have no experience w/them so I really can't advise. I would say pay special attention to the Hurricane Deductibles, Wind Deductibles, deductibles, deductible, deductibles...they can add up and in some cases give the false illusion of coverage then leaving you holding the bag when you have a legitimate claim.

Property Tax Reform
Allows portability of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead to another.

• Homeowners may transfer their SOH benefit to a new homestead anywhere in Florida within 2 years of leaving their former homesteads.

• Those who sold their homes in 2007 can transfer their SOH benefit to a new homestead if they establish the new homestead by January 1, 2009.

• If "upsizing" to a home of equal or greater just value, the homestead owner can transfer 100% of the SOH benefit to the new homestead, up to $500,000 transferred benefit.

• If "downsizing" to a home with a lower just value, the homestead owner can transfer a SOH benefit that protects the same percentage of values as it did the former homestead, up to a $500,000 benefit.

• The transferred SOH benefit will apply to school taxes on the new homestead. Previous versions of SJR 2D exempted school tax levies from the transferred benefit.

Creates an additional homestead exemption worth $25,000, applied to value above $50,000.

• This exemption does not apply to school tax levies.

Provides an assessment growth limitation of 10% for all non-homestead properties.

• This assessment limitation does not apply to school tax levies.

• This assessment limitation will expire in 10 years. At that time, voters will decide whether to reauthorize it.

• Residential properties of nine units or less will surrender accumulated protections at change of ownership or control, as defined by general law.

• For all other properties (i.e., residential properties of ten or more units and business properties), the Legislature must define by general law how the property will surrender protections when there is a "qualifying improvement" to the property. The Legislature may define by general law how the property will surrender accumulated protections at a change of ownership or control.

Creates a new Tangible Personal Property Exemption of $25,000.

• This exemption applies to all tax levies.

I hope this helps and good luck with your potential move the the Sunshine State.

Theresa

Edd.

Try Moe or Matey Veissi at Veissi and Associates

Veissi and Associates

I believe Matey does the residential. She is a good friend and past Chairman of the Florida Real Estate Commission

Or try Nancy Hogan at Coldwell Banker. She is another friend and past Chairman of the Florida Real Estate Commission. Nancy manages the office and probably would refer you to one of her agents. Nancy is involved in the Miami-Dade Mortgage Fraud Task Force. She is highly charged, energetic and well respected.

Nancy Hogan

Shonufpo82 wrote:Property Tax Reform

Thanks,

Perhaps I asked the wrong question. I had heard that property taxes were kept low until the property was sold to a person coming in from out of state, and then the taxes increased tremendously. This may not be due to any kind of homestead exemption. Have you heard of this happening? If so could you give me an explanation or example?

Frank,

Thanks, I will try both.

Edd,

Back in 1992 voters in Florida amended the Constitution with the Save Our Homes (SOH) Amendment. The effect of the amendment was to cap the annual increase of assessed values of homesteaded properties at 3% per year. As a result, residences that have been owned and homesteaded for a few years have significantly lower assessed values than neighboring residences. When a homestead is sold, the SOH cap is lost and the property is assessed at its actual "just"value. Just value is supposed to be roughly equal to market value.

The increase can be dramatic and sometimes devastating. Just about every County Property Appraiser in the sate has a calculator on their website to estimate what the taxes would be without the SOH cap. It's important to check that out prior to purchase.

Francois K. Gregoire wrote:Edd,

Back in 1992 voters in Florida amended the Constitution with the Save Our Homes (SOH) Amendment. The effect of the amendment was to cap the annual increase of assessed values of homesteaded properties at 3% per year. As a result, residences that have been owned and homesteaded for a few years have significantly lower assessed values than neighboring residences. When a homestead is sold, the SOH cap is lost and the property is assessed at its actual "just"value. Just value is supposed to be roughly equal to market value.

The increase can be dramatic and sometimes devastating. Just about every County Property Appraiser in the sate has a calculator on their website to estimate what the taxes would be without the SOH cap. It's important to check that out prior to purchase.

That sounds like a real deal killer. How has the FL market prospered in spite of that?