Sarasota Property Taxes
June 30, 2009 by Perry Corneau · Leave a Comment
Sarasota county recently approved the first property tax rate increase in approximately ten years. The modest increase which was approved was only a 0.3 percent increase. This increase was approved in part due to the decreasing property values which have come down from their peak of $63 billion to the current valuation of [...]
Doc Stamps & Closing Costs
June 29, 2009 by Perry Corneau · Leave a Comment
A documentary stamp tax is levied on documents that convey interest in real property. In all Florida counties except Miami-Dade the doc stamp is calculated as $.70 per $100 of the total consideration paid. The documentary stamp tax on mortgage instruments and liens is $.35 per $100 dollars of value. It is customary that the buyer pays the documentary stamp tax on [...]
Homestead Exemption
February 17, 2009 by Perry Corneau · Leave a Comment
Any person owning and residing in a Florida home or condominium may file for Homestead Exemption which will exempt the first $25,000 of the property’s value from taxation. A total of $50,000 may be exempted from taxation with the first $25,000 applying to all property taxes including school district taxes. The second $25,000 [...]
Mortgage Forgiveness Debt Relief Act
February 25, 2008 by Perry Corneau · Leave a Comment
On December 20th, President Bush signed into law H.R. 3648 otherwise known as the Mortgage Forgiveness Debt Relief Act. Prior to this if a homeowner were to sell their home for less than the amount of the mortgage and the difference were forgiven by the lender, the amount of the forgiven debt would be taxable. [...]
Proposed Florida Tax Reforms
November 20, 2007 by Perry Corneau · Leave a Comment
The Florida House has voted 97-18 to approve SJR 2-D and place it on the January 29th, 2008 ballot. The House then adjourned Special Session “D”.
This plan, which the Senate worked on over the weekend and presented to the House Monday night, has several components. Here are the highlights:
- provides statewide portability up to $500,000 [...]
Florida Real Estate Market to Boom Again
August 25, 2007 by Perry Corneau · 3 Comments
At a recent meeting of Realtors in Orland Governor Charlie Christ said in a speach, “Florida is going to have a sonic boom when this happens. You’re going to busier than you’ve been in your life.” He wnet on to urge support for pending legisaltion that promises to lower property taxes and insurance rates. Judging [...]
Sarasota Real Estate Taxes
August 24, 2007 by Perry Corneau · Leave a Comment
Now that the TRIM Notices have gone out property owners will have 25 days from receipt to file a petition to the Value Adjustment Board if they fell that their assessed value is too high. In today’s market it probable that the assessed value is higher than the actual market value. In addition to filing [...]
Affordable Housing & Impact Fees
May 23, 2007 by Perry Corneau · Leave a Comment
Seemingly, the county has no understanding of the impact fees. Although so much lip service is given to the issue of affordable housing, the county is yet again considering raising impact fees. Common sense would indicate that higher impact fees would greatly impact the availability of affordable housing. Higher impact fees are easily absorbed by [...]
Declaring Homestead in Sarasota
December 21, 2006 by Perry Corneau · Leave a Comment
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 [...]
