Sarasota Real Estate Homestead Exemption

One of the great benefits to home ownership in Florida is the Homestead Exemption. If you own a Florida home that is your permanent residence, you are likely eligile to the $50,000 entitlement.

The exemption allows for $50,000 to be subtracted to the assessed value of the home prior to the calculation of taxes. Once a home is homesteaded, it is protected under the "Save our Homes" cap, which stipulates the property's assessed value cannot increase more than 3% per year, a protection that greatly benefited homeowners during the recent boom.

In order to qualify:

* You must hold title to the property
* You must reside in the property (more than 6 months per year)
* You must be a permanent resident of the State of Florida

You must apply in person at the property appraisers office (information below) before March 2nd of the qualifying year in order to receive the exemption.

You will need to bring the following items, which must have been obtained before January 1 of the qualifying year. If a husband and wife reside in the home, these items are required of both.

* Tax bill or deed
* Florida drivers license
* Florida Voters Registration Card or Declaration of Domicile
* Florida Automobile Registration
* Social security number

Resident aliens must present their Permanent Alien Card along with a Declaration of Domicile.

Applications are taken Monday through Friday at one of the following Property Appraiser offices:

2001 Adams Lane, Sarasota FL 34237 (941) 951-5650
4000 South Trail, Room 115, Venice FL 34293 (941) 492-3030

www.SarasotaProperty.net

Sarasota Real Estate - Rates Hit Record Lows

The average interest rate for 30-year mortgages has fallen to the lowest level since Freddie Mac began compiling its weekly survey in 1971, declining to 4.71 percent this week from 4.78 percent a week ago.

Rates also were more attractive for 15-year fixed loans, which fell from 4.29 percent to 4.27 percent, but many consumers may not have qualified for them because they now face higher credit standards from lenders.

This of course bodes well for the continued recovery of the real estate market as more people are drawn to buy, attracted by the combination of low rates and low prices.