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Question
Presently residing in Connecticut we are hoping to buy a home in Florida, and are confused about the tax laws. If we intend to become Florida residents, does it make any difference whether the house we purchase was "homesteaded"? Does the tax rate have anything to do with the previous owner's residency or tax status or just ours?
Submitted: 46 days and 5 hours ago.
Category: Tax
Value: $25
Status: CLOSED
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State/Country relating to question: Florida
Already Tried:
just advice from friends.
Accepted Answer
Hello XXXXXXXX,
The house that you purchase in FL does not have to be homesteaded for you to claim FL as your resident state. And your tax rate on the home will have nothing to do with the previous owner's residency or tax status.
Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.
If you intend to make FL your resident state and the home in FL will be used as your primary residence, then sometime between January 1st and March 1st following your purchase, you can file for the homestead exemption for that current year.
Here is a link to a section of the FL state website which explains this exemption in a little more detail, and questions you can expect to answer when filing for this exemption.
http://dor.myflorida.com/dor/property/exemptions.html
If this was helpful please press the Accept button. Positive feedback is also appreciated.
Thank you XXXXXXXX
Expert:
Merlo
Pos. Feedback:
99.8 %
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Answered:
10/8/2009
Accountant
25+ years tax consulting. Specializing in returns for US citizens living abroad
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