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Date Posted: 01:39:14 01/05/07 Fri
Author: Peter
Subject: Re: Homestead Petition Denied by VAB Magistrate
In reply to: surfdog 's message, "Homestead Petition Denied by VAB Magistrate" on 16:55:57 01/04/07 Thu

Once your married, your allowed only one homestead exemption and you are required to live in that residence on the first of the year ever year. Your ONLY option is divorce, split the properties and then each one file homestead exemption. The Condo's property taxes will then slow to max of 2% increase a year and again, if you don't live in it on the first of the year OR worse yet you rent it out and they find out about it, it reverts back to before. This is one reason many people that buy property to rent and have numerous units end up selling them as the taxes kills them. On the up side, taxes go up when real estate values go up so I am sure if it has tripled so has its resale value.
1)Sell if you can and buy another unit when the market cools and the taxes come back down.
2) Divorce and split the properties.
3) Hold on and bite the bullet. Also, keep an eye on resale values of other units. If the resale values drop, you can then request your taxes to be readjusted based on lower resale values but this is rare as taxable value is usually set at most of 80% of actuall market value so it would have to be a substantial drop. Check out the nearest Community Colledge or Library and Read The Florida real Estate Exam Book, there is a section there on Homestead exemption.

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