LIBOR is an abbreviation for "London Inter Bank Offered Rate", and is the interest rate offered by a specific group of London banks for U.S. dollar deposits of a stated maturity. LIBOR loans are used as a base index for setting rates of some adjustable rate financial instruments, including Adjustable Rate Mortgages (ARMs) and other loans. The LIBOR (pronounced LIE-bore) tracks the rates at which London banks pay to borrow one another's reserves. It fluctuates more rapidly than the COFI or 12-MTA. LIBOR loans are sort of a rough equivalent of the federal funds rate in the United States, but it is set by the market, not a government entity.
    12-Month Treasury Average (MTA): The Monthly Treasury Average is a relatively new ARM index. This index is the 12 month average of the monthly average yields of U.S. Treasury securities adjusted to a constant maturity of one year. It is calculated by averaging the previous 12 monthly values of the 1-Year Constant Maturity Treasury (CMT). Because this index is an annual average, it is steadier than the 1-Year CMT index. The MTA index generally fluctuates slightly more than the 11th District 11th District Cost of Funds Index (COFI), although its movements track each other very closely. The MTA and COFI-indexed ARMs work much the same way. ARMs tied to the MTA index may have the potential for Neg-Am Loan. Our Brokers will instruct you the best ways to handle these loans to learn to avoid Neg-Am.
    11th District Cost of Funds Index (COFI): This index reflects the weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts, advances from the FHLB, and other sources of funds. The 11th District represents the savings institutions (savings & loan associations and savings banks) headquartered in Arizona, California and Nevada.
    It should be noted that although COFI generally follows trends in market rates, it can move in an opposite direction over the near term. The 11th District Cost of Funds Index (COFI) is the slowest moving and most stable of all ARM indexes. It smoothes out a lot of the volatility of the market, since its initial publication (in 1981) the annualized volatility of COFI has been only 6.2% compared with more than 20% for the 1-Year CMT index during the same period.
    The 11th District Cost of Funds index is one of the most popular ARM indexes. This index is primarily used for ARMs with monthly interest rate adjustments. Because this index generally reacts slowly in fluctuating markets, adjustments in your ARM interest rate will lag behind other market indicators. Many lenders believe COFI-indexed ARMs are some of the best deals available on the market today.

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    All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first $25,000 of the assessed value of an owner/occupied residence.
    You are entitled to a Homestead Exemption if, as of January 1st, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. By law, January 1 of each year is the date on which permanent residence is determined.
    You can now file for Homestead ONLINE by clicking here or the large yellow button in the navigation menu on the left side of this page ... or you can file by visiting any of the appraiser's eight offices. 
    You can now file for Homestead Exemption all year around. There are two filing periods. "Pre-Filing" for the next year (for owners who purchased properties after January 1 of this year): March 2 to December 31. "Traditional" Filing Period: January 1 to March 1. There is no cost to file for Homestead if you file by the March 1 deadline. If you missed the March 1 deadline, Late Filing for Homestead

    Applications with Petition - The County accepts late Homestead applications in their Main Office in Room 111 of the Broward Government Center in Downtown Fort Lauderdale. They also help taxpayers prepare the petitions to the Broward County Value Adjustment Board (VAB) for all property purchased prior to January 1 and owned and occupied by qualified applicants. For a late application to be granted for the current year, you must file a petition with the VAB accompanied by a $15 non-refundable filing fee and qualify for the exemption. If the application is filed after the September TRIM Notice deadline, and you request a good cause hearing with the Value Adjustment Board on or before December 31st, the Value Adjustment Board will hold a hearing to determine if it will hear your petition. You must show "good cause" why your petition was not filed by the September deadline.

    If granted "Good Cause," you must file a petition and pay the mandated $15 non-refundable filing fee to the VAB; and be heard by a Special Master for approval or denial.
    If denied "Good Cause" by the VAB, you are still entitled by law to appeal to the Circuit Court, pursuant to Sec. 194.171, Fla. Stat.
Note: Applications with petitions can be filed only at the Broward Governmental Center, 115 South Andrews Avenue, Fort Lauderdale (just South of Broward Boulevard) in Room 111 (Property Appraiser) or Room 120 (VAB).
    When filing an application you must bring the following items listed below, dated prior to January 1, 2005. To claim 100% coverage, all owners occupying the property prior to January 1, 2005 must file in person on jointly held property (other than husband and wife, who may file for each other, with the required documents for both). If you are married and the Deed has different last names for husband and wife, a marriage license/certificate must be presented.

What you need to file for Homestead    

1. Proof of Ownership: Recorded Warranty Deed, Co-op Propriety Lease, Notice of Proposed Taxes or Tax Receipt, if in your name(s) . A deed must be presented if the property is jointly owned. If the PROPERTY IS HELD IN A TRUST, THEY NEED A COMPLETE COPY OF THE TRUST AGREEMENT.
2. Proof of Permanent Florida Residence, ALL DATED PRIOR TO JANUARY 1, 2005:

1. Florida Voter's Registration or Recorded Declaration of Domicile - REQUIRED.
2. Florida's Driver's License or Florida I.D. Card - REQUIRED. Note: "Valid Only in Florida" driver license is not acceptable.
3. Florida Car Registration, if you own a vehicle - REQUIRED.
4. Non U.S. Citizen must bring permanent Visa (Green or Pink Card) or Political Asylum Documentation and Recorded Declaration of Domicile (note: PDF file) - REQUIRED.

Note: it is generally against the law for a Florida resident to drive in Florida with an out-of-state license or tag if he/she claims Homestead Exemption (Sections 320.37 and 322.08 Fla. Statutes).

    The State mandated application form requires certain information for all owners living on the premises and filing:

• Current employers of all owners
• Addresses listed on last I.R.S. income tax returns.
• Date of each owner's permanent Florida residence.
• Date of occupancy for each property owner.
• Social security numbers of all owners filing are required.

    Homestead Exemption does not transfer from property to property. If you had this exemption last year on another property and moved, you must file a new application for your new residence. Notify the Property Appraiser to cancel the exemptions on your former home. Property purchased during last year may show qualified exemptions of the seller. The sellers' exemptions will not carry over to this year; you must apply for your own exemptions!
Other Exemptions
    Widows, widowers, permanently disabled persons, and qualified senior citizens on fixed-incomes are entitled to additional tax-saving exemptions. Click Here for the a description of these exemptions.
    The amount of the homestead exemption granted to an owner residing on a particular property is to be applied against the amount of that person's interest in the property. This provision is limited in that the proportional amount of the homestead exemption allowed any person shall not exceed the proportionate assessed valuation based on the interest owned by the person. For example, assuming a property valued at $40,000, with the residing owner's interest in the property being $20,000, then $20,000 of the homestead exemption is all that can be applied to that property. If there are multiple owners, all as joint tenants with rights of survivorship, the owner living at property filing receives the full $25,000 exemption. Click Here to view information on exemption limitations.

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