Information on Homestead information for Florida

HOMESTEAD ALERT


If you have purchased a home this past year in Florida and plan to make Florida your homestead, it is essential that you become Florida residents by December 31, 2011 to reap the benefits in 2012. This means by this Friday they will need to apply for a driver’s license, vehicle registration (if applicable) as well as a voter’s registration.


Many people labor under the mistaken impression that as long as an application for homestead is made by the March 1st deadline, they will be granted homestead status for that year. That may be true for existing residents, however, the second requirement, which is often overlooked is that these property owners would have had to become residents as of December 31st of the preceding year. As a result, the property must be owner occupied (or simply not rented) January 1st by a Florida resident. Having met this requirement the property owner has up until March 1st to apply for the homestead exemption if they had not done so in previous years.


Why is this important? Property values are presently assessed at extremely favorably low rates and homeowners can benefit by the homestead cap placing a limit on how high taxes can go up in subsequent years. However, the cap does not take effect as a baseline until the year following (the second year) of the Homestead exemption. Assessed values will not remain low forever so it is advisable to act now.

Marco Island Real Estate November Sales Statistics

Marco Island Real Estate November Sales Statistics

                   Year    2011      2010

NEW LISTINGS:
    Single Family       55   61
Condominiums         74    95
Lots                        29    19     
                

ACTIVE LISTINGS:

    Single Family          381    496   
    Condominiums        668    788
 Lots                        336    333    

PENDING SALES:
    Single Family          12   14
    Condominiums        18  21
    Lots                      9    6    

SOLD:

   Single Family          17   18
   Condominiums        19   18
   Lots                         6   5

  
AVERAGE SALE PRICE:
   Single Family    $513,856    $518,922
Condominiums   $319,661    $451,033
Lots                  $155,367    $221,000

For more information on real estate on Marco Island and Naples, please contact me at 239-404-7471 or visit my website at http://www.realestateonmarco.com/ for current homes for sale.