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* **Homestead Exemption:** Reduces taxable value by up to $50,000; requires primary residency by January 1st.
* **Save Our Homes Assessment Limitation:** Caps annual assessment increases at 3% or the Consumer Price Index (CPI), whichever is lower, for homesteaded properties.
* **Portability:** Allows homeowners to transfer up to $500,000 of accumulated Save Our Homes benefit to a new Florida residence, mitigating property tax increases upon relocation.
* **Additional Exemptions:** May be available for seniors, disabled persons, veterans, and surviving spouses.
* **Assessment Challenges:** Homeowners can challenge property appraisals they believe are inaccurate by filing a petition with the Value Adjustment Board (VAB) within 25 days of the Notice of Proposed Property Taxes (TRIM notice).
* **Property Tax Rate:** Florida’s average effective property tax rate is approximately 0.84%, varying by county and municipality.
* **Tax Bill Components:** Includes taxes for the county, school district, municipalities, and special districts.
* **Payment Options:** Discounts offered for early payment: 4% in November, 3% in December, 2% in January, 1% in February.
* **Tax Certificate Sales:** Unpaid property taxes result in tax certificate sales, where investors pay the taxes and earn interest. Homeowners risk losing their property if taxes remain unpaid.

Florida Vacation Home Buying Guide:

* **High demand:** Florida is a top vacation destination, with over 137.6 million visitors in 2022.
* **Strong rental potential:** Short-term rental income can offset ownership costs. Occupancy rates vary by location, with some areas exceeding 70%.
* **Property taxes:** Florida property taxes average around 0.97% of assessed value, but can vary by county.
* **Insurance costs:** Hurricane risk leads to higher insurance premiums.
* **Financing:** Mortgage rates for vacation homes may be slightly higher than primary residences. Down payments can be 20% or more.
* **Management fees:** If using a property manager, expect fees of 20-50% of rental income.
* **HOA fees:** Many communities have Homeowner Association (HOA) fees.
* **Popular locations:** Orlando (theme parks), Miami (beaches, nightlife), and the Gulf Coast (beaches) are popular vacation home locations.
* **Tax implications:** Rental income is taxable. Consult a tax professional regarding deductions for expenses.
* **Hidden costs:** Budget for maintenance, repairs, and property taxes.

May Day… whether you celebrate today as “about” halfway between the Northern Hemisphere’s Spring equinox and Midsummer solstice associated with maypoles, or a day that commemorates the historic struggles and gains made by workers and the labor movement, mostly associated with communist Russia (which has never been our ally in 80 years), it’s up to you. So, let’s stick with the seasons. As we approach summer, many in the Western U.S. are gearing up for forest fires. Despite the growing threat of them, many Americans continue to move into high-risk areas. A LendingTree study found that 27 of the 29 metros with the highest wildfire risk had more people moving in than out, with Flagstaff, Arizona leading in both in-migration and out-migration, indicating high population turnover. Meanwhile, only Redding, California, and Wenatchee, Washington, experienced net population declines, and metros like Los Angeles and Fresno showed stable populations with modest net gains. With a lack of available homes in certain areas and certain price points, it is understandable: The rental vacancy rate ticked up to 7.1% in the first quarter, according to the Census Bureau. The homeownership rate was flat at 65.1%. (Today’s podcast can be found here and this week is sponsored by CreditXpert, the credit optimization platform that helps today’s top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums and close more loans. Hear an interview with CreditXpert’s Mike Darne on ways lenders and originators can help borrowers improve their credit scores and qualify for more mortgage programs and products.)