New Town is the first neighborhood when coming onto the actual island of Key West. You will encounter middle to upper end homes with primarily year round residents. I live in New Town myself. It allows you to be on the island of Key West, but still remain in a quiet low key setting. New Town is located very close to shopping, schools and near the highway for that weekend away. The homes in New Town generally have larger lots and tend to be a little bigger than homes getting closer to downtown. I enjoy being away from the downtown hustle when I want quiet, but still just a five minute drive to Duval Street.

The island has more than doubled in size via landfill. The new section on the east (perceived as north) is called "New Town." It contains shopping centers, retail malls, residential areas, schools, ball parks, Key West International Airport.
According to the Key West Association of Realtors (KWAR), Key West can be divided into four distinct areas: Old Town, Casa Marina, Mid-Town and New Town with various neighborhoods in each area.[citation needed]

Gary Smith
BROKER
Keys Commercial Real
Estate LLC.
P. O. Box 1974
Key West, FL. 33041
Direct - (305) 304-7009
Fax- (305)296-8105
www.keywestlifestyle.com
Click to E-mail

Stock Island is growing by the minute. This is truly one of Key West’s fastest upcoming areas. This area has some outstanding local seafood restaurants, waterfront dining, fresh fish markets and excellent public transportation. A large portion of Key West’s labor force live on Stock Island. Once known for commercial fishermen and mobile homes, Stock Island is quickly becoming an upper-middle class area. Stock Island is a great place to invest long term. You’ll be glad you did.

Gary Smith
BROKER
Keys Commercial Real
Estate LLC.
P. O. Box 1974
Key West, FL. 33041
Direct - (305) 304-7009
Fax- (305)296-8105
www.keywestlifestyle.com
Click to E-mail

Key West Old Town

Old Town is what many people think of when you mention Key West. Residents and tourists alike want to be in Old Town. You are right in the center of the action and the heart of the business distract. Walk to world famous Duval street passing artsy cottages and quirky Conch Houses. The streets are lined with shops, bakeries, restaurants, guest house and many places to unwind with a cocktail. The main sources of transportation in Old town are bicycles, scooters or your own feet. A great place to sight see, people watch and smell the flowers. Many of the homes in Old Town are vacation rentals and second homes. If you want to be where the action is and down town you want to live in Old Town.

New 2008 property tax Reforms:
In a January 2008 ballot measure, Florida voters approved a constitutional amendment that introduced several changes to our state's property tax system. The four changes may affect the amount of tax you owe:
Increased Homestead Exemption: If you're currently receiving a $25,000 homestead exemption on your property taxes, you will automatically be upgraded to a $50,000 exemption this year. If you are a homeowner and do not currently receive the exemption, you may file your application in person along with a $15 late fee, through mid-September.
Save Our Homes Portability Cap: You may now trasfer up to $500,000 of your property tax cap to a new home when you move. To take advantage of this benefit, you must file a Homestead Exemption and Portability Application.

Tangible Personal Property Tax Exemption: If you're required to file a Tangible Personal Property Tax Return, you're entitled to a $25,000 exemption on business equipment.
Non-Homestead Cap: Beginning next year, those properties not eligible for a homestead exemption may apply to receive a 10% cap on property tax increases.

Homestead Exemption Overview:
FILING PERIOD JANUARY 1 – MARCH 1
Florida law requires that application be made by March 1st to be eligible for the $25,000 Homestead Exemption. Only new applicants or those who had a change of residence need apply. Automatic renewals are mailed in January each year.

In Florida, $25,000 of the assessed value of your home is exempt from real estate taxes, but you have to meet certain criteria to be eligible for the exemption. First you much have the title or record to your property as of January 1, and reside on the property. You have to be a legal and permanent resident of Florida as of January 1. When applying for the exemption status, bring along a copy of your deed or tax bill, and a Florida county voters registration or Declaration of Domicile. If you drive, you must also bring your Florida driver's license and automobile registration. New applications must be submitted in person at the appraiser's office, but renewals may be done by mail. For further information, consult the County Property Appraiser's Office.

Real Estate Taxes

All residents are subject to county taxes, but each city or special district levies taxes within its boundaries. City, special-district, and county taxes are combined in one tax bill. Real estate taxes are assessed as of January 1 each year. They are due and payable on November 1 and become delinquent if not paid before April 1 of the following year. Florida law holds the taxpayer responsible for receiving and paying tax bills in full. For additional information contact the County Property Appraiser's Office.

Establishing Residency

To establish residency, you may register to vote or file a Declaration of Domicile, which is an affidavit available at the CountyCourthouse. Filing one copy with the Circuit Court provides a record of your intention to make Florida your home. Simply moving to the State does not guarantee legal residency. For more information contact the County's Clerk of Circuit Court.

What is Homestead Exemption?
Florida Law entitles every person, who has legal or equitable title to real estate and maintains it as his/her permanent residence, to apply for a $25,000 homestead property tax exemption. A partial exemption may apply if the ownership of the applicant is less than 100%.

Am I eligible to file?
You must meet the following requirements as of January 1st:

Have legal or beneficial title to the property, recorded in the Official Records of County
Residency on the property
Be a permanent resident of the State of Florida
Be a United States citizen or possess a Permanent Residence Card (green card)

When do I file?
The deadline to file an application for exemption is March 1st. Under Florida law, failure to file for any exemption by March 1st constitutes a waiver of the exemption privilege for the year.
Regular filing is January 2nd - March 1st.
Pre-filing for the coming year is March 2nd - December 31st.

How do I file?
Take copies of the required documentation to your Exemption Department:Generally at the County or City Court House