Declaring Homestead in Sarasota

New buyers wishing to declare homestead in Sarasota will need to make the home their permanent residence on or before January 1st, 2007 to qualify for the $25,000 Homestead Exemption.  Buyers who do not use the home as their primary residence at the beginning of the year will not qualify for the exemption even if they move in just a few weeks later.  Conversely, owners who use a home as a primary residence on January 1st and later move out will enjoy the benefits of homestead exemption for the entire year.  Buyers should be aware that if they purchase a home from a seller who is currently a permanent resident the tax bill will likely go up as the 3% Save Our Homes cap is removed and the home is assessed at the new market value.  The deadline for completing the application for homestead exemption is March 1st, 2007.  For more information visit www.sarasotaproperty.net