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