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Deadline Approaches To File For Your Homestead Exemption!

February 14, 2020 By For Buyers Only Realty St Augustine

Deadline Approaches To File For Your Homestead Exemption!

relocate to st augustineNow that you are done unpacking……it is time to take care of your homestead exemption. If you purchased your new home in 2019 you have until March 1, 2020 to file for your homestead exemption. In many cases….this can be done online. Visit the website of the St Johns County Property Appraiser  .

FIRST YEAR OF TAXES ON A NEWLY CONSTRUCTED HOME

If you buy a newly constructed home, it’s important to understand how the county will calculate your assessed value for the first year the home was built versus the following years as the tax bill will be significantly different.

  • For the year in which your home was built and closed, your tax bill will classify your property as unimproved or vacant property—or in simple terms, just the value of the lot.
  • The tax bill for the calendar year after your home was built will classify your home as improved property and will therefore be based on the lot and the home.

Since the value of the lot on which your home is built is significantly less than the overall value of your home on the lot, the tax bill for the first calendar year of ownership will be significantly less than the following years.

THE IMPORTANCE OF MANAGING PROPERTY TAXES

If you qualify for exemptions or caps, make certain that you apply for them on time. Otherwise, your second property tax bill could hold an unpleasant surprise. As a homebuyer, you should consider your property taxes as a cost of homeownership. As with other costs, proper management of property taxes can help save money. The St. Johns County Property Appraiser’s Office has a handy online property tax calculator that can help you understand your millage rate and estimate your tax bill.

ST. JOHNS COUNTY HOMESTEAD EXEMPTION AND OTHER EXEMPTIONS

Homeowners who buy a primary residence can enjoy a substantial tax break called “homestead exemption.”  A primary residence is defined as a home in which a person resides in and maintains a place of abode in that county which he or she recognizes and intends to maintain as his or her permanent home.  The homestead exemption is available if you meet the following criteria:

  • Per the Florida Constitution (VIII) (6) (b), each individual or family unit is entitled to ONE homestead exemption. If you or your spouse claim(s) residency at another location in Florida or in another state and benefit(s) from a tax credit or exemption on property you own at another location in Florida or in another state, you are not eligible to file for homestead exemption in St. Johns County unless or until the other exemption/benefit is relinquished.
  • Filers must have made the home their permanent residence by the 1st day of the filing year—so on or before Jan 1.

A homestead exemption essentially reduces your assessed value by $50,000 which makes the “taxable value” of your home $50,000 less. $25,000 of the $50,000 is a full reduction of the taxable value of your home.  The second part of the homestead exemption, which passed in 2008, allows for an additional $25,000 off the assessed value of your home as it relates to the various parts of the millage rate except the portion of your taxes attributed to schools.

As a quick example, assume the assessed value of your home is $200,000 and you’re eligible to receive the homestead exemption.  The taxable value of your home (the value used by which to multiply the millage rate) would be as follows:

Assessed Value of Your Home $400,000
Homestead Exemption (part 1) $25,000
Taxable Value for School Portion of the Millage $375,000
Homestead Exemption (part 2) $25,000
Taxable Value for All Portions of Millage except School $350,000

Homeowners who qualify for the homestead exemption might also qualify for some additional exemptions for their property tax.

These additional exemptions include tax breaks for:

  • Seniors
  • Widows and widowers
  • Service-related or non-service-related disabilities
  • Blindness

Homeowners may save quite a bit on their property taxes by learning about the various exemptions, making sure they qualify for them, and applying for them in time.

“SAVE OUR HOMES” AMENDMENT AND PORTABILITY

The “Save Our Homes” regulation, usually called SOH, helps current property taxpayers by capping increases in tax assessments from one year to the next. SOH was put into place to help those property owners in areas where values are rapidly increasing.  The SOH keeps these assessments from increasing by a) more than three percent, or b) more than the increase in the consumer price index, whichever is lower. It only applies to Florida residents who use the home as a primary residence and qualify for a homeowner’s exemption. However, this rule may artificially deflate the taxes paid on an existing home because the taxes will be reset to the updated present value once the home sells.

For example, lets say you purchased your home 10 years ago for $200,000 but it’s now worth $300,000.  Assuming an increase of the maximum 3% per year, your assessed value would be $260,955 at the end of the 10 years.  Since your home is really worth $300,000, you have a savings (in assessed value) of $39,045 ($300,000 – $260,955).

The portability part of SOH is a tremendous savings to homeowners in Florida that wish to buy a different home (assuming a primary residence).  Portability allows a property owner to transfer the savings in assessed value (the $39,045) to the new primary residence.  Therefore, if your new home has a market value of $500,000, your assessed value would be $460,955.  The limit on the portability is $500,000 so long as the home you’re purchasing is of a greater value than the one you just sold.

You should apply for your SOH transfer at the same time you apply for your new homestead exemption. Again, the deadline is March 1. You can learn more about transferring SOH caps and find the forms at the Homestead Portability.

Filed Under: Buyer's Agent, Real Estate Market, St Augustine, St Johns, The Home Buying Process

The Biggest Mistake Most Buyers Make…..

November 30, 2017 By For Buyers Only Realty St Augustine



Give us a call today and we will be happy to put you on the track of a new home here in St Augustine, St Johns, Nocatee or Ponte Vedra. For Buyers Only Realty is the only Exclusive Buyer’s Agents in Northeast Florida. 100% Buyer Representation at no cost to you! We are the Wife-Husband team of Buyer’s Agents! Call Sharon Stevens at 904-687-5220 or Dwight Cole at 904-466-4630.

Filed Under: Buyer's Agent, The Home Buying Process

For Buyers Only Realty- Who We Are, What We Do

July 24, 2017 By For Buyers Only Realty St Augustine

 

Today we wanted to take a minute to introduce ourselves and our business. We’re unique in that we work exclusively with buyers. We think they deserve equal attention in the real estate transaction process.

Allow us to take a moment to introduce ourselves!As the owners of For Buyers Only Realty, we wanted to give you a look at who we are. We’re an exclusively buyer-focused agency here in St. Augustine area. 

I moved from the cold Midwest area about 12 years ago to escape the snowstorms up in Minnesota and Wisconsin. I started to realize that buyers weren’t getting the great customer service that they deserve in a real estate transaction. Many Realtors are so focused on listings, listings, listings that buyers just sort of get processed through the system without much attention.

We founded our company on the basis of working exclusively with buyers so we can give you 100% of our attention like you deserve.

Dwight has worked in real estate for many years, too. We got married and joined forces a year and a half ago. After a career in the fire department, Dwight retired and joined the brokerage full-time after hearing my story.

The one thing we get a sense of satisfaction from is helping people find the perfect home. Since we work with buyers only, we get to help you with the goal of getting the home for the lowest price, unlike listing agents and sellers who want the highest price. That’s what buyers need. We carry your deal all the way through to the closing table and beyond.

“

We absolutely love helping buyers find their perfect home.

”

The great thing about buying a home with a real estate agent is that it’s completely free for the buyer. We’re able to focus solely on that.

On a personal note, as Dwight says, we make a great team. He calls me the ‘academic’ one when it comes to paperwork and all the important little details. Dwight works with buyers to help them find homes, whether it’s resale or new construction.

One big thing that sets us apart from other agents in Florida is that we act as single agents. This means you’re not our customer, you’re our client. Most Realtors in Florida are transaction agents, meaning they don’t focus on buyers or sellers, but rather solely on the transaction. Since you are our client, we have complete fiduciary loyalty to you and you alone.

We live in St. Augustine and we love this market so much that we always say it’s like living in a postcard. We love teaching people about the area as well.

If you have any questions for us about real estate, the St. Augustine area, or how we can serve you in the home buying process, don’t hesitate to give us a call or send us an email. We would absolutely love to help you find the perfect home for you!

Filed Under: Buyer's Agent

Home Buying Myths Slayed

July 24, 2017 By For Buyers Only Realty St Augustine

Home Buying Myths Slayed [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Interest rates are still below historic numbers.
  • 88% of property managers raised their rent in the last 12 months!
  • The credit score requirements for mortgage approval continue to fall.

Filed Under: Buyer's Agent, Real Estate Market

3 Questions To Ask Before You Buy Your Dream Home

July 24, 2017 By For Buyers Only Realty St Augustine

3 Questions to Ask Before You Buy Your Dream Home | MyKCM

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a survey by Braun showed that over 75% of parents say, “their child’s education is an important part of the search for a new home.”

This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in May (the latest data available) was $252,800, which is up 5.8% from last year. This increase also marks the 63rd consecutive month with year-over-year gains.

If we look at home prices year over year, CoreLogic is forecasting an increase of 5.3% over the next twelve months. In other words, a home that costs you $250,000 today will cost you an additional $13,250 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy. 

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), NAR, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

3 Questions to Ask Before You Buy Your Dream Home | MyKCM

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

Filed Under: Buyer's Agent, Real Estate Market

Pre-Approval Should Always Be Your First Step

June 27, 2017 By For Buyers Only Realty St Augustine

Pre-Approval Should Always Be Your First Step | MyKCM

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” 

Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

Filed Under: Buyer's Agent, Real Estate Market

Meet Sharon and Dwight



Phone:


,
Call Dwight at 904-466-4630
Call Sharon at 904-687-5220
  *    *  246 Pescado Drive, St Augustine, FL 32095  *  Ph: +1-904-687-5220  *  email [email protected]

Property information is not guaranteed. © 2021 MLS and FBS. Prepared by Northeast Florida MLS, Inc. on 16th April, 2021 10:00 MST 12:00AM. The information on this sheet has been made available by the MLS and may not be the listing of the provider.

IDX information provided courtesy of the St. Augustine & St. Johns County Multiple Listing Services, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS.

Listing Data last updated: 16th April, 2021 10:00 MST
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