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

To: Elroy who wrote (358258)	11/13/2007 9:45:37 AM
From: Road Walker	Read Replies (1) \| Respond to of 1573433

?? The homestead exemption deducts $25k from the annual valuation basis used for taxation of the primary residence? Yes. Then a 3% per year cap on valuation increases for taxation basis for the primary residences - that one makes sense. Yes but mostly no... I've lived in my house 15 years, so my taxes are real low. Some moved into the 'hood and have equivalent houses and pay double what I pay, for the same services. Should holding a house for a long period make that much of a difference? The other negative effect is that it makes it very hard to move... my taxes would double. Bad for real estate sales (and subsequent vales). 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? You have to sign up for the homestead exemption... I guess when they send out the new tax bill they just check if it's a new owner... then go "Bam!" with a huge tax bill increase.

To: Elroy who wrote (358258)	11/14/2007 2:06:05 PM
From: tejek	Respond to of 1573433

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? You can homestead in CA but I don't remember what the benefit was for making that declaration.