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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (358257)	11/13/2007 9:28:24 AM
From: Elroy	Read Replies (2) \| Respond to of 1573414

That's the effective result here is Florida.... not sure about other states. First there is a 'homestead exemption' of $25K taken off the top of the valuation. Also there is a 3% cap ('save our homes' law) on increases for primary residences. It may not sound like much but there is a huge difference if you've been in your house for years. ?? The homestead exemption deducts $25k from the annual valuation basis used for taxation of the primary residence? Then a 3% per year cap on valuation increases for taxation basis for the primary residences - that one makes sense. And I guess neither of those applies to non-primary housing? How do they go about determining whether a given home/condo/swamp in Florida is a primary residence or not?