Property owners who benefit from the homestead exemption and who are considering renting all or a portion of their homesteaded property risk losing their exemption. The Sarasota County Property Appraiser advises residents to be aware of the law before deciding to rent their property.
“With the rise in the number of visitors coming to the area and the popularity of homesharing and home rental companies as alternatives to traditional lodging, we are advising property owners to become informed on how renting their property can negatively impact their homestead exemption; and ultimately, reduce or eliminate their property tax savings”, said Bill Furst, Sarasota County Property Appraiser.
Renting all or a portion of your homesteaded property may result in the disapproval of the homestead exemption, along with a 50% penalty and 15% interest for any year or years the property was rented within the prior 10 years.
Short-term rentals are only one of the various status changes that can impact the homestead exemption. Mr. Furst urges property owners to visit the Homestead Fraud page for more information, or to contact his office with questions on this important subject.
The property appraiser assesses all property at just value each year on January 1. When you acquire new real property, the assessed value of the property "resets" to equal the just (market) value.
If the new property owner has applied for and has been approved to receive the homestead exemption, the Save Our Homes cap is placed on the assessed value of the property the year after the property received the homestead exemption. This means that if the just value of the property increases, your next year assessed value cannot increase more than 3% or the Consumer Price Index (CPI), whichever is less. For 2017, the CPI is 2.1%.
If the property does not benefit from a homestead exemption, the assessed value increase is limited to 10% each year.
Our 2016 Annual Report contains information on the current and historic trends for values in Sarasota County. View our 2016 Annual Report.
Visit our Tangible Personal Property page to file your DR-405 tax return on our online filing system. To file your return online, you will need the log in information found in the letter our office sent in January to existing TPP accounts. The deadline to file a DR-405 tax return is April 1.
Pursuant to Section 193.122 Florida Statutes, Bill Furst, Property Appraiser of Sarasota County, hereby gives notice that the 2016 Real Property and Tangible Personal Property Assessment Rolls for Sarasota County were certified to the Tax Collector on the 3rd day of October, 2016 for the collection of taxes.
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