Real Estate Taxes, Homestead exemption, not a good idea

[Susie]

Hi


Ref Real estate Taxes and homestead exemtions


For those of your that are not aware, if you are a green card holder you can claim homestead exemption

However this may not be a wise thing to do as in may case.

Some of you know sadly my husand passed away recently so thought I would try and reduce my tax bill

Although we were/are green card holders we have never bothered to claim homestead exemption till now


I went to tax office to claim homestead. Lasr year we paid $3400 odd without hometead

Because I have now claimed homestead exemption the property appraiser has increased the value of my home by $100,000 from last year as a result my taxes have gone up and not down,( up by $1500 pa and now over $4400pa) so it is not always worth trying to claim homestead exemption

Called the appraiser offce today and told them , how the heck can they increase the value of my property when house prices have gone down this passed year? They said they would look into it

I urge everyone to call their property appraisers office to say all homes have decreased in value in the past 12 months and are continuing to do so

If we all call, then they may revise our bills downwards, if we do nothing then we have no choice but to pay up !

So whether you claim homestead exemption or not I urge you all to call your property appraisers office to let them know you home has decreased in value this past 12 months sp please call and report back on this thread as to outcome

[TANNER]

Same thing happened to me Susie.Went up over $2000!

[Kriz1]

We don't have homestead but we pay no more tax than the people around us that do...living out of State we claim half our tax back...I'm beginning to think that moving to FL is going to be to expenive...

[Susie]

Hi

I had a call from the apraiser's office this morning. Apparently the rates have been voted on and will not change

For those who live in the Disney area in the recent past property prices went crazy, buyers were offering over and above the asking price and three or four buyers were in a race to buy the same property

The appraiser was aware of what has been going on and that prices are droping. So I said that next year I expect a reduced real estate bill. There are public hearings so next time you get a proposed real estate notice it would be a good idea to attend to voice your concerns.

Bet real estate taxes do not go down next year ! well unless we make an effort to do something about it. So no matter if you are on E L or green card this affects us all

[haytonmac]

hi susie we were about to file for homestead but will have to re think ,yet another trip to cpa.....thought he said we could offset against our tax all a bit foggy he ho all part of life in Florida,great life if you dont weaken!!!

[floridapete]

hi susie we were about to file for homestead but will have to re think ,yet another trip to cpa.....thought he said we could offset against our tax all a bit foggy he ho all part of life in Florida,great life if you dont weaken!!!

Anneke, you may have misheard - or misunderstood.

Your CPA 'may' have said that you can offset your property taxes against rental income IF the property is a rental business which has opted for a 'nett proceeds election'.

But, as I understand your situation, you are NOT renting out your property - you are LIVING in it. So how could everybody claim their property taxes against the costs of their primary living homes ?

BTW. edited by Sue admin, please discuss any private issues in pm's per my previous posting

[kebab king]

Anneke-

You can claim a percentage if you work from home.

-Kristina

[Susie]

Anneke-

You can claim a percentage if you work from home.

-Kristina


Hi

I have two offices in my USA home and like in the UK your accountant will make an allowance against tax for running a biz from home or have an office at home if you own a biz

The same could go for a proportion of elec, water, gas bill extra. I know in the UK you have to be careful not to claim too much as when you sell your home you could be liable for CGT , not sure if same applies in the USA though

[Susie]

Oh forgot to mention

If you purchased your home recently and have gree card then it is definatley worth claiming homestaed exemption

Once approved the appraisers office cap the amount of increase you can be charged per year.

Does anyone know what percentage that is?

[Emmalee25]

Hiya,
I think thats what Anneke meant, she works from home so can offset lighting/heat/air and wear and tear against your taxes, my dad works from home alot and does the same thing!
Em x

[haytonmac]

thanks folks ,will go sort it all out have to go past the cpa anyway on other matters ,helps to have more info!

[Kriz1]

If you live in a State with State tax you can claim some Estate tax back from that....and home loan interest...and any car taxes....

[haytonmac]

thanks Kriz1 I heard that but good to have it confirmed!

[Kriz1]

We get about a quarter of our State tax back...we have low taxes here to be honest even though people call it Taxachusetts
We pay tons less in tax here than we did in the UK...

[mark]

Interesting postings but confused as can be now

Kris

Can you explain , sorry confused what is State Tax? Is this Sales Tax ? I know you can claim mortgage interest but did not know you could claim car tax back

If you live in a State with State tax you can claim some Estate tax back from that....and home loan interest...and any car taxes....
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