THE FLORIDA HOMESTEAD EXEMPTION IS JUST ANOTHER REASON TO MAKE THE SUNSHINE STATE YOUR HOME!
Did you know?
Though we may not have any control over the amount of taxes we pay to the Federal Government, Florida is a tax-friendly state. There are no state taxes, no inheritance taxes or estate taxes. Did you also know that Florida has very generous homestead laws? Florida law provides for lower property tax assessments on homestead property. Every Florida homeowner is entitled to receive a Florida homestead exemption up to $50,000 – saving you approximately $750 per year. The first $25,000 in the property value of your home is exempt from ALL property taxes including school district taxes. The additional $25,000 exemption is available for non-school taxes and applies only to the assessed value between $50,000 and $75,000. Additionally, your assessed value cannot increase more than 3 percent annually once you’ve been granted a homestead exemption.
Several exemptions are available: For example, if you are 65 years old or older, and have had a permanent Florida residence for at least 25 years, you might be entitled to a 100% exemption. Your eligibility for this exemption depends on the county or city where you live, and your income must be below a specified limit. If these aren’t enough reasons to apply for a homestead exemption ….
Do you mean, there’s more?
Yes, Florida’s homestead laws can protect property owners from claims by creditors. The Florida Homestead law makes purchasing a primary residence exceptionally attractive as it protects a Florida resident’s primary home from a judgment creditor. This means that, should you have a recorded judgment against you, that judgment cannot attach to or become a lien on your homestead. Simply put, a creditor cannot take your house away if you owe money on a judgment. Other states have similar laws, but Florida provides extra asset protection. Of course, to qualify under the homestead laws you need to prove you’re a Florida resident. You will need to provide your recorded deed or tax bill, a Florida Driver’s License or Identification Card as well as vehicle registration.
You may rent your homesteaded property for 30 days or less per calendar year and maintain a homestead exemption.
What is the Catch?
You must apply for it. The homestead exemption deadline is March 1. Late filing is permitted by law through September. One nice feature of the Florida homestead exemption is that you don’t have to reapply every year. Unless you take action to cancel your exemption, your homestead will be automatically renewed by the state. In case you were wondering, you can apply online.
Worth looking into – we think so! Let us know if you have any questions, and we will be happy to help direct you.
Your Liberty Title Team
