-Banks, mortgage companies and investors that seize Florida homes in foreclosures also get millions in tax breaks because state law allows them to enjoy the homestead exemption intended for owner-occupied homes.
-Last year in Duval County alone, local governments lost hundreds of thousands of dollars because of that provision, which some officials view as an unjustified windfall.
-Take the 1,922-square-foot Mandarin home at 10556 Rocky Garden Lane, for example. The lending institution for its previous owner, Miami Beach-based Chemtov Mortgage Group, received the title to the house on March 19. The home’s previous owner lived there on Jan. 1 and qualified for the homestead exemption for 2010. Chemtov, which was liable for 2010 property taxes after the transfer date, paid about $570 less in taxes than it would have if the homestead benefit didn’t transfer to non-homesteaders, based on data from Duval County Property Appraiser’s Office records.
Read MoreMortgage Loan Originator
Fannie Mae, FHA, Jumbo and Foreign National Loans
mdantuono@cmgcapital.com
Mobile: 305.772.5705 | Main: 305.455.1800 Ext 102
Mortgage Specialist
jjimenez@cmgcapital.com
Mobile: 305.302.3990 | Main: 305.455.1800 Ext 202
Mortgage Loan Originator
Expert in Foreign National and Jumbo Loans
avillanueva@cmgcapital.com
Mobile: 305.206.5144 | Main: 305.455.1800 Ext 200
Senior Mortgage Processor
Expert in Foreign National, FHA, Conventional Loans
bmunne@cmgcapital.com
Direct: 786.414.2342 | Main: 305.455.1800 Ext. 103
Controller
Hard Equity Fund Manager
atorres@cmgcapital.com
Direct: 786.414.2343 | Main: 305.455.1800 Ext 105