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Real Estate News
Sales
Tax on Services Update
Florida
Senate President John McKay, R-Bradenton, has proposed
an ambitious plan to reform Florida's sales tax system.
His proposal: Reduce the state's sales tax from 6 percent
to 4.5 percent, but tax services currently exempt from
the sales tax.
While
currently, there is an exemption for real estate commissions,
other real estate transaction services -- title searches,
appraisals, document preparation -- might not be exempt.
It's also unknown if Multiple Listing Services are taxable
under McKay's proposal.
What's
more, thousands of other independent businesspersons
would not be exempt. Accountants, printers, landscapers,
graphic designers, surveyors, electricians, plumbers
and architects would be taxed.
The
proposal would severely impact the more than one million
service providers in Florida and their customers. It
will unnecessarily increase the cost of doing business,
costs which will undoubtedly be passed on to consumers.
For
more information contact your political representatives.
Don't know the names of your Florida Representive or
Senator? Visit the online reference service at Project
Vote Smart.
Note: excerpt from Florida Realtor Business Magazine article by Bridget McCrea -
March 2002
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Frequently Asked Questions
How
do I establish Florida residency?
How do I file for Homestead
Exemption?
How are my Real Estate Taxes levied?
Establishing
Residency
To establish residency, you may register to vote or
file a Declaration of Domicile, which is an affidavit
available at the County Courthouse. Filing one copy
with the Circuit Court provides a record of your intention
to make Florida your home. Simply moving to the State
does not guarantee legal residency. For more information
call the Clerk of Circuit Court at 561-288-5576.
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Homestead
Exemption
In Florida, $25,000 of the assessed value of your home
is exempt from real estate takes, but you have to meet
certain criteria to be eligible for the exemption. First
you much have the title or record to your property as
of January 1, and reside on the property. You have to
be a legal and permanent resident of Florida as of January
1 and March 1. When applying for the exemption status,
bring along a copy of your deed or tax bill, and a Florida
county voters registration or Declaration of Domicile.
If you drive, you must also bring your Florida driver's
license and automobile registration. New applications
must be submitted in person at the appraiser's office,
but renewals may be done by mail. For further information,
consult the County Property Appraiser's Office at 561-288-5608
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Real
Estate Taxes
Taxes
on real estate are levied by Martin County, it's several
cities and special districts. All residents are subject
to county taxes, but each city or special district levies
taxes within its boundaries. City, special-district,
and county taxes are combined in one tax bill. Real
estate taxes are assessed as of January 1 each year.
They are due and payable on November 1 and become delinquent
if not paid before April 1 of the following year. Florida
law holds the taxpayer responsible for receiving and
paying tax bills in full. For additional information
call the County Property Appraiser's Office at 561-288-5609
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