The county of Broward in Florida has a requirement that all appraisers use the Local Property Appraiser's Code as a set rule for their work. This means that all appraisers must abide by the county's own laws on mandatory fees, bidding deadlines, qualifications, exclusions, and other important guidelines. In addition, all sales must be made under a set title, during a specific time frame. There are several exemptions to the general requirements that apply to all Broward County real estate appraisals. These exemptions provide opportunities for borrowers to avoid liens and encumbrances; prevent compulsory escrow; prevent creditors from collecting; and allow for flexible use of already acquired funds.

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The first set of exemptions is designed to promote affordability of properties. If a home has been recently constructed or repaired to low or affordable standards, it can usually qualify for a historic property exemption. This will typically require that the property appraisal to be performed within three years of the date of completion.

 

The second set of exemptions is designed to encourage rehabilitation of homes and fix a property owner upon his or her own. To qualify for a homestead exemption, a property owner must live in the home for two years or more, as well as make use of the home for two of those years. For the homestead exemption, the lender will usually require that the house meet certain minimum criteria, such as having two bathrooms; a separate entrance; a kitchen; a utility room; a deck or patio; and adequate outside lighting. This homestead exemption is almost never granted; however, it is worth looking at if a house was recently built or renovated. A recent repair to a house could be worth its weight in gold.

A Few Exemptions From Broward County Property Taxes

 

The final set of exemptions consists of mobile exemptions. A mobile homestead exemption allows a homeowner to live in a house for a specific period of time - typically less than a year - after purchasing the property. To qualify, the home must have met all of the aforementioned criteria. After the exemption period, the property appraiser will re-assess the house to determine an accurate value. If the value of the house improves by more than 20% from the original purchase price, the homestead is removed from the assessment.

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One of the most common exemptions is the first-time residence exemption, which is available to anyone who has not owned a home for one year or more. This exemption is granted based on the assumption that the person was not actively engaged in owning a residence during the prior year. If you were active duty military, the exemption will be different; in this case, your rate will most likely be higher. People who are considered "inactive" are generally retired military personnel who are still living on a full-time basis. This exemption may be subject to future adjustments based on the reclassification of military personnel.

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The second highest category is the permanently disabled first responder exemption, which is available to Broward County property owners whose disability, illness or death in connection with their job causes them to become permanently disabled. In order to qualify for this exemption, the homeowner must have lived in the property for one year or more before becoming disabled. People who are considered "permanently disabled" are those who require special medical equipment that is expensive and cannot be replaced. This can also include certain types of medical devices, such as wheelchairs.

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A third exemption that can be found in the forms is the portability application for persons with disabilities. If a person with a physical disability moves to another residence in Broward County, they can apply to have their home assessed at their new location. They do not have to reside in the former residence for at least three years in order to apply for this exemption. The home appraiser will assess the new appraisal value, and if it is higher, the owner must pay the difference out-of-pocket. If the new appraisal value is lower than the one the home owner currently pays, they will have to reapply for the portability application. Many times, people with diabetes or other health issues will need to look into their existing health insurance policy to find a prescription medication coverage plan that meets their needs, and as long as they keep their physician's appointments in good standing, they can submit the necessary paperwork to their new insurer.

 

The fourth exemption is one of the most controversial: the homestead exemption. The homestead exemption allows a homeowner to build up equity in their property by living in it for a specific period of time. During this time, the home owner is not required to pay any property taxes. However, many local governments and institutions, such as schools, police departments and the courts, do not view the homestead exemption as an incentive for home owners, but rather as an impediment that prevents them from being able to build up equity in the property.

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