My home is in Delray Beach, was built and moved in 1997 and our taxable value after Homestead Exemption at that time was around $65,000+ and our yearly tax value was around $1500-$1600 and it was our primary residence up until 2007. We rented the property, moved out of state, lost our Homestead Exemption thus in November 2008, our taxable value went up to $326k+ and the tax that we owe shot up dramatically to $6847.
My question is, if we decide to move back into the home and make it our primary residence again, will we be able to reclaim our exemption to the original amounts of $65,000+ and pay the $1500-1600 amount, also take advantage of the additional homestead exemption of $25,000 to lower the tax owed? |