How to Lower Taxes in Osprey
Avoiding Six-Figure Mistakes in Osprey Real Estate
Quick Answer
In Osprey, Florida, overlooking property tax strategies can lead to unexpected financial burdens and even contract failures. The Homestead Exemption and Save Our Homes cap are governed by the Florida Department of Revenue and the Sarasota County Property Appraiser, which can significantly reduce your taxable value. For instance, failing to apply for the Homestead Exemption could cost you up to $50,000 in taxable value reductions. Discovering this oversight late in the process can force you to bring unexpected cash to the table or risk losing the deal. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Homestead Exemption Oversight
The Homestead Exemption is a critical tax reduction tool in Florida, reducing taxable value by up to $50,000. I’ve seen deals fall apart when buyers assumed they were automatically eligible, only to find out they hadn’t applied by the March 1 deadline. This oversight can mean the difference between a manageable tax bill and one that jeopardizes your financial stability.
I just had to share the great experience I had working with Mike and his team. Mike’s candor, honesty and drive is exactly what I was looking for. It was so refreshing meeting someone that would tell me the truth and not something he thought that I wanted to hear. His work help me from making a big mistake on one of the properties! After all, I’m about to invest my dollars into multiple local properties. I needed a Broker that could help drive me in the right direction. The other point that was very important to me is that when I asked for something to get done, he never missed a beat. Each market analysis was professionally done! I can’t say enough nice things about this team! Bill
– deersbill, Zillow Review
Save Our Homes Cap Misunderstanding
The Save Our Homes (SOH) cap limits annual assessed value increases to 3% or the CPI, whichever is lower. During a recent transaction, a buyer failed to understand that this benefit isn’t automatically transferred when purchasing a new home. This misunderstanding led to a significant tax increase, forcing the buyer to renegotiate terms or risk losing their earnest money deposit.
Where It Usually Blows Up
These issues typically surface during the final stages of the transaction, often at or just before closing. This timing is brutal because buyers have already invested time and money into inspections, appraisals, and other due diligence. When these tax-related issues come to light late in the process, buyers may face unexpected cash demands or even contract termination, leaving them with lost deposits and wasted resources.
What I Tell Clients Before They Risk Money
- Apply Early for Homestead: Ensure you apply for the Homestead Exemption between January 1 and March 1 to secure your tax benefits.
- Understand Portability: If you’re moving within Florida, file the Transfer of Homestead Assessment Difference form to maintain your SOH benefits.
- Verify Assessments: Check your property’s assessed value annually and appeal if you believe it’s overestimated.
- Know Your Exemptions: Explore additional exemptions for seniors, veterans, and the disabled to maximize your savings.
- Monitor Deadlines: Keep track of all application and appeal deadlines to avoid losing potential tax benefits.
I had been looking for a local condo for over a year and was very unhappy with the service. I had worked with three agents from three different national chains. None of the three seemed to know the market very well, took the time to understand what I’m looking for, and most importantly rarely followed up when they told me they would. I have never experience such a lazy approach to working with a buyer. Things changed when I met Mike and part of his team at their St. Armands office. The first thing Mike did was apologize for the poor service…even though it wasn’t his fault. I already knew that I found someone who help himself accountable. What a breath of fresh air! After spending about 30 minutes with me understanding what I was looking for, Mike introduced me to Eric. Between the two of them, they found five condos for me to look at. Each of the five, met my criteria. They actually did listen. I’m excited because we plan to submit an offer later today. The market analysis they prepared was thorough and easy for me to understand. I cannot recommend more highly any other realtors to work with. Thank you Mike and Eric! JS
– schroder4, Zillow Review
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What is the Homestead Exemption, and how does it work?
The Homestead Exemption reduces the taxable value of your primary residence by up to $50,000, which can significantly lower your property tax bill. To qualify, you must own and occupy the home as your primary residence as of January 1 and apply with the Sarasota County Property Appraiser by March 1. Missing this deadline can result in a higher tax bill and potential financial strain.
How does the Save Our Homes cap affect my taxes?
The Save Our Homes cap limits the annual increase in assessed value to 3% or the Consumer Price Index, whichever is lower, for properties with a Homestead Exemption. This cap can lead to substantial tax savings over time, especially in a rising market. However, if you move, you must file for portability to transfer this benefit to your new home within three years, or you risk losing it.
What To Do Right Now
Request a copy of your property’s current assessed value from the Sarasota County Property Appraiser and review it for accuracy. If you believe it’s overestimated, gather evidence such as comparable sales or appraisals and prepare to file an appeal.
Get my monthly Market Brief — I track what is actually happening in Florida: pricing, inventory, insurance problems, and deals falling apart. Subscribe here
To learn more about Michael and Team Renick:
To search for local properties:
https://search.teamrenick.com/
To read more about what Michael shares with his clients:
