Page 4 - Martin Downs Bulletin - July '24

Page 4, Martin Downs

local GovernMent

Martin County Property Martin County Is Counting Aug. 10 through Saturday, Aug. 17 from 8 a.m. to 5 p.m.
Appraiser’s Office On YOU, VOTE Aug. 20! These dates do include Sunday, Aug. 11.

There Is More Significance To “January 1” • Vote-by-mail ballots can be requested through
Thursday, Aug. 8, 2024.
Than Celebrating New Year’s Day! In the state of Florida • When voting in-person voters should remember to
voters have the option bring photo and signature identification when voting early
By Jenny Fields, CFA, Martin to decide how they are or when voting at their assigned precinct on Election Day.
County Property Appraiser, going to cast their vote • Secure Ballot Intake Stations (drop boxes) will be
3473 S.E. Willoughby Blvd., … by mail, by voting available during early voting at both locations for voters
Suite No. 101, Stuart, early, or by voting at to hand deliver their voted mail ballot.
FL 34994 their assigned precinct As your Supervisor of Elections, it is my goal to
(772) 288-5608 on Election Day. Here provide the best possible voting experience!
www.pa.martin.fl.us is some important Vicki Davis,
When it comes to ad information regarding Martin County Supervisor of Elections
valorem property taxes in these three ways to vote
Florida, everything revolves to help you decide by
around a date of assessment what method you are going to choose to cast your votes
of January 1. When you for the upcoming Aug. 20 election:
receive your tax bill in November, those taxes are based on a • The Martin County Elections Office located at
snapshot of your property valuation which took place eleven 135 S.E. Martin Luther King Jr. Blvd. in Stuart and the
months prior on January 1. As a result, the property appraiser Elisabeth Lahti Library located in Indiantown Saturday,
studies the previous year’s real estate market activities and
transactions to establish the current year values.
Florida law goes on to say that the taxability of newly
constructed improvements is determined based on whether
they were substantially complete as of January 1. For
example, if you are putting in a new swimming pool that is
not complete until February 2024, then the tax bill you receive
in November 2024 would not reflect the additional taxes for
your pool because the pool wasn’t done by January 1, 2024.
The value of the pool would be added the following year and
the additional taxes would be reflected on your November
2025 tax bill.
The eligibility of all property tax exemptions is also
determined based on whether you qualify on or before
January 1. To qualify for the Homestead Exemption, you
would have to own the home and make it your primary
residence as of January 1 of the tax year that you apply.
Likewise, if you apply for the Limited Income Senior
Exemption, which has an age requirement of 65 years old,
you will have to be age 65 on or before January 1 of the
year you apply.
Agricultural classification is a tax savings benefit for
property owners that use their land primarily for bona fide
commercial agricultural use. This benefit results in the land
being valued based on the probable income, which is often
substantially less than market value. But to qualify for this
benefit, the agricultural use must be in place on or before
January 1 of the year you apply.
The January 1 date of assessment greatly affects new
homebuyers. The reason is that the property tax estimate shown
on real estate listing sites are misused to calculate the closing
costs and the tax escrow portion of mortgage payments.
When a buyer purchases a home after January 1, they
will receive a first-year tax bill that is based on the previous
owners’ exemptions and Save Our Homes benefits. This
can lead to a significant discrepancy in the escrow payment Are You Ready Hurricane?
and not necessarily what the new buyer may expect to pay
in taxes the following year, which will be based on market
sales prices. For The Next Storm?
The Property Tax Estimator, New Homebuyer Timeline
handout, and the New Homebuyer educational video are
resources available to educate and assist new homebuyers No Air Conditioning?
when estimating their own property taxes before they make No Refrigeration?
the purchase, so they may prepare for the financial impact.
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