provided by Sarah Ashton, Broker Associate
Ashton Kirchner Group, Keller Williams Realty
If you own a property in Florida, you likely just received your notice of proposed 2022 Taxes – Trim Notice. You also likely noticed that the property valuation increased by roughly 40 – 50% of last year’s value. This in turn resulted in an increase in your proposed tax obligation to be paid in November.
If you have declared Florida as your home and have filed the required paperwork for the Homestead Exemption, then your tax increase was capped at 3%. If not, then you likely had a much larger increase and may want to consider whether becoming a Florida resident and declaring your property your domicile is right for you.
Here is a link that will bring you to the Lee County Property Appraiser’s website. There you can view a Pamplet that lays out the basics of this valuable program. Unfortunately, the tax savings is not retroactive. Down the road the accumulated savings in taxable valuation is “portable” to another Florida property should you decide to sell and buy a different property.
Declaring Florida as your domicile is a multi-faceted decision and tax and legal professionals should be consulted for your specific situation. If you are still contemplating whether now is the time to purchase a property in Florida – call me to discuss the pros and cons of pulling the trigger or waiting. There is no time like the present for evaluating these decisions.