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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

St Johns County Is The Healthiest In The State……Again!

March 14, 2018 By For Buyers Only Realty St Augustine

st johns county healthiest in state of florida

St. Johns County in Florida is one of the healthiest places to live in the country!

According to the latest County Health Rankings, released today by the Robert Wood Johnson Foundation and the University of Wisconsin Population Health Institute, St. Johns County has retained its ranking as the healthiest county in Florida.

It’s now the seventh straight year St. Johns County has ranked No. 1.

According to the 2018 rankings, the five healthiest counties in Florida are St. Johns, followed by Collier, Martin, Seminole and Miami-Dade.

The five counties in the poorest health are: Union, Putnam, Madison, Gadsden and Dixie.

St. Johns County received high marks for several of the categories considered in determining the rankings. In fact, the county was tops in the state in the subcategories of quality of life, and social and economic factors as well as No. 2 for clinical care.

In fact, the only area in which the county didn’t score well was in the subcategory of physical environment. That subcategory included factors like housing issues, where St. Johns County skews on the expensive side.

It also didn’t score well in the category of public transportation. St Johns County has very little public transportation.

Still, by most peoples measures, this is a fantastic place to live. The growth in population from about 125,000 in 2000 to about 235,000 in 2016 is a testament to that.

Access to quality medical care is good in the county as it has one of the lowest rates of premature deaths and an extremely small percentage of the population under 65 without health insurance (13 percent). St Johns County also has the lowest rate of children in poverty in the State Of Florida.

Ericka Burroughs-Girardi, a community coach with County Health Rankings, said St. Johns County’s success is about more than medical care.

“Having access to a doctor is certainly part of the story, but also having access to those other things that contribute to good health as well,” Burroughs-Girardi said. “Like having access to fresh food, having access to places to be active, that’s also helpful.”

Whether buying your first home or your fifth, having a buyer’s agent who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality here in St Johns County Florida (serving St Augustine, Nocatee and Ponte Vedra, Ponte Vedra Beach and St Johns)!

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 Dedicated Buyer’s Agents!

Call Sharon Stevens at 904-687-5220 or Dwight Cole at 904-466-4630.

 

Filed Under: St Augustine, St Johns

Jacksonville Area Listed as One Of The Top 50 Places To Live In The USA

February 13, 2017 By For Buyers Only Realty St Augustine

Jacksonville Area Listed as One Of The Top 50 Places To Live In The USA By U.S. News and World Report

jacksonville homes for saleThe recent article just published in U.S. News and World Report rates the Jacksonville area as #45 in the top places to live in the U.S. To those of us who live and work here…that comes as no surprise! We are blessed with great weather, beautiful beaches, low cost of living, and always a myriad of activities to do. The Jacksonville area is vibrant with a great mix of people of all ages…young families to retirees.

You can see the full article at U.S. News and World Report

 

Filed Under: Nocatee and Ponte Vedra, Real Estate Market, St Augustine, St Johns

Meet Sharon and Dwight



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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]
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