Sarasota Real Estate News

Did you file for Homestead Exemption?  Are you eligible?  Have you filed illegally?  

The Sarasota County Property Appraiser's website, http://www.sc-pa.com/home/, has an abundance of information about Homestead Exemptions and important dates for filing.  You have from January until March 1 each year to file.  The Notice of Proposed Property Taxes, also called TRIM notices, are going out this week.  Did you forget to file for Homestead Exemption?  You have up to 25 days after your TRIM notice was mailed to plead you case with the County, and if you have a valid reason for not filing, they may be able to help you out.  

There are many types of exemptions so it's best to check with the property appraiser about your specific situation.

Why do we have Homestead Exemption?  It's to protect your home from being taken away by your creditors who could file a lien.  Here's the formula for a home valued at $85,000:   The first $25,000 of value is exempt from all property tax, the next $25,000 of value is taxable, the third $25,000 of value is exempt from non-school taxes, and the remaining $10,000 of value is taxable.

How do you qualify for Homestead Exemption?  First you need to own and occupy your property on January 1.  (I keep hearing about the person here in Sarasota who turned in his(her) neighbor for not qualifying for homestead because they were on vacation that day -- the family was not fined because the court ruled that the "intent" was to occupy.)  

Next, you need to have evidence that you are a permanent Florida resident.  You must have a valid Florida driver's license or ID card and then a combination of other things such as vehicle registration, voter registration, employment verification, tax returns, utility bills, and the details are on the above County Tax Appraiser's link.  

CAUTION!  I was showing a Siesta canal home to Buyers last year, and the Listing Agent met us at the property.  The Buyers inquired about taxes paid, and the Seller's realtor said "There are ways around Homestead Exemption; for example, a couple can have the wife file for Homestead in FL and they can keep their homestead in their home state under the name of the husband."    DO NOT TRY THIS!!!  If you are caught, you can be fined hundreds of thousands of dollars PLUS penalties.  Make a neighbor mad and you could get turned in.  Your tax bills are posted online for anyone to see, so it's not worth risking $250,000++ in fines.  If you are legally separated, then either the husband or wife can file for Homestead Exemption in Florida, but be prepared to be called in by the County and asked a series of questions about your relationship and present your legal separation documentation.    

Have you sold your home to upsize or downsize?  Some of your current exemptions may be portable to your new home.  

Harbor Towers on Siesta has a 3BR 3BA with a den, 1,755 sq ft, updated, and full bay view for $550,000.  Address: 5855 Midnight Pass Road, Unit 207.  One of the penthouse units was listed Saturday for $645,000, but it's very vintage and needs a total remodel. 

Tomorrow at 5:45 p.m. at Gulf Gate Library, 7112 Curtiss Avenue, Sarasota, FL 34231, residents from Wellington Chase in Palmer Ranch--and other concerned citizens--are invited to prepare for an upcoming session with the Sarasota County Board of Commissioners.  This neighborhood group is fighting a change in zoning that will allow a 3-4 story apartment complex to be built in their back yards!  The land is currently a cow pasture.  See www.SaveTheCowfieldSRQ.com.   Stop by if you get a chance and sign a petition fighting this zoning change and even if you are not in town, you can still connect via email and get your petition in.  Your assistance and concern is greatly appreciated.

Have a great week!
Linda