Planet Realtor News Item

Planet Realtor News Item: "PANAMA CITY, Fla. -- Sept. 30, 2005 -- To some, the perk of qualifying for a homestead exemption is so attractive they figure they should have the savings on more than one home. Trouble is, that runs afoul of the law. After two years in office, Bay County Property Appraiser Rick Barnett and his staff have stepped up investigations into fraudulent filings. The result: $6.9 million went back on the tax rolls for 2004.

That equates to $142,706 in additional revenue for Bay County, minus $30,000 of staff time to do the job.

The homestead exemption reduces the taxable value of a property by $25,000.

'There is a big issue in Florida on homestead exemption because everyone wants that cap,' Barnett said."