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Property Tax Relief in Charlotte County FL – Real Estate Paradise

Property Tax Relief in Charlotte County FL – Real Estate Paradise

Homes for sale in Charlotte County, Florida are a retirement or vacation paradise. Punta Gorda Isles homes offer the best canal access in the state. Port Charlotte homes are a great value. Even in neighboring Sarasota County, North Port homes are very popular.

The State of Florida provides property tax relief for a Florida resident’s primary home through what is call the Save Our Homes (SOH) initiative. Also known as the Homestead Exemption, this plan sets a base year, usually at time of purchase, for the calculation of real property taxes. With a Homestead Exemption in effect, a Florida resident is entitled to a $25,000 reduction from the Certified Assessed Value of the home to calculate Taxable Value.

In addition to the $25,000 discount, a Florida homeowner (primary residence) is further protected by tax increase limitation. This is restricted to no more than 3% increase per year, determined by property value appreciation or the rate of inflation, whichever is less.

This is important protection for the budgets of state residents, especially those on fixed incomes. However, it provides no protection to owners of second homes or commercial and investment property. In addition, if one buys a vacant lot with the intention of building a residence in a “few years€, there is no property tax protection.

Waterfront lots in Charlotte County, including waterfront lots in Punta Gorda Isles and waterfront lots in Port Charlotte, have experienced tax increases in the obscene range. Commercial property in Charlotte County and Sarasota County has also experienced ridiculous tax increases.

The State of Florida must address the problem of tax increase on non-homesteaded properties. A fair compromise would be to limit annual increases to a reasonable amount, perhaps 5%. This would still encourage buyers to become residents to obtain the entire Homestead Exemption while offering protection to businesses, investors and second home owners.

In the meanwhile, there are still great values on waterfront homes in Charlotte County. Buyers can select from waterfront homes in Port Charlotte, with quick access to Charlotte Harbor or waterfront homes in Punta Gorda Isles with beautiful, city maintained canals and seawalls.

James B. Mulligan, Licensed Real Estate Broker
18245 Paulson Dr.
Port Charlotte, FL 33954

Jim Mulligan (941) 456-3034
Andy Leonard (941) 662-0033

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