The county of Broward is the home of the City of Miami, and when you get a property there you have to have an appraiser take a look at it and make a recommendation as to what its value might be. There are many exemptions and exclusions, so it is important that you know them, and the rules that govern each one. The exemptions are divided into two groups; the first are for structures and museums, and the second are for improvements to the real estate, including buildings, fences, landscaping, roads, utilities, and so on.
There are also exemptions for improvements to your home, which will include things like a new roof, new floors, painting, and any other repairs that will increase the market value of your home. There is another category of exemptions called homestead exemptions. This applies to a home if the homesteaded tenant has already lived in it for more than six months. If a property owner wants to raise the value of his or her home, this is a good way to do it, and a property appraiser is the person who can find out what the current value of a homesteaded tenant's home is, along with other exemptions.
The second set of exemptions consists of those that relate to new applications for loans, taxes, and so on. If you apply for a loan to pay for something that happened in the past, you are allowed to count that payment against your new application, for the time it takes until you actually pay it off. A tax lien certificate is another example of a new application. Even if it was not a previous property, a tax lien certificate lets you raise the amount of the debt that you owe, without having to worry about paying it off on time. A Broward County Property Appraiser will be able to tell you what these terms mean.
Property Appraiser Exemption and Broward County
The third set of exemptions relates to newly created permanent residents. If you hire a moving company to help you move into a new apartment, you must have a copy of your birth certificate or the last seven years of your passport, if at all possible. These are called "exemption certificates," and you may get them by filling out a form with your attorney. You can also get them from the Broward County Housing Department, which issues them for new applicants.
There are two exemptions that affect your assessment value when it comes to selling or renting in the future. The first is related to a homestead exemption, and the second is related to an active duty exemption. A homestead exemption says that you don't have to pay anything to the county when your home is being transferred into ownership. An active duty exemption says that the person who moves in should be required to furnish the household goods being transferred to the new owner. Both of these types of exemptions can reduce your taxable sale price, but it depends on the actual assessment value in your Prior Year and not your current assessment value.
Another exemption that affects your assessment value is a dependent spouse. If a surviving spouse, such as your spouse, has an active duty and is getting a loan or lease for his/her primary residence, then the money owed to the lender becomes taxable income. The surviving spouse's income can also include commissions from some legal activities. People usually only owe this money if they have a legal domicile. A person can have either an active or a passive homestead exemption but can't have both at the same time.
A mortgage lender is not allowed to use a borrower's homestead exemption to reduce the borrower's tax liability. If you get an appraisal, the assessor will base his/her opinion of the fair market value on the amount of money that would be given to you based on the information that you have provided. The tax year in which the appraisal is taken must be a calendar year for the purposes of this exemption. For Broward County, the appraiser has to use the adjusted gross income limitations that are in effect for that tax year. The exception is made for real estate owned by the deceased parent or a dependent spouse, that was treated as a dependent for purposes of the Social Security death tax credit.
Some people do not want to give up their full homestead exemption because it would mean that they would have to sell their property before the exemption expired. However, it is better for the property owner to keep the exemption until the property tax return is complete. That way, he/she has enough time to make arrangements for a sufficient down payment on the new home and also to find a buyer for the old house.
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