As the first day of 2016, January 1st is an important date to remember for purposes of Florida's homestead exemption. If you are new to Florida, or are unsure what this means, Florida state law allows Florida homeowners to claim up to a $50,000 tax exemption on their primary residence. This benefit equals savings on the homeowner's annual county tax bill and applicability to port savings from an existing homestead to a new homestead property in the future, for potential additional savings.
January 1st is an important date because it is the date that a buyer needs to be in their new home, or existing home that was not yet homesteaded, in order to establish residency and qualify for homestead exemption for the 2016 tax year.
Homestead exemption is not established automatically, nor does it transfer from property to property automatically. So it is important to make sure to apply for homestead immediately, and not later than theMarch 1stdeadline. Application can be made online or at your local County Tax Collector's Office.
Other important facts to remember about homestead, is that it can only apply to one property and there are strict penalties for failing to adhere to this rule. Additionally, rental of a primary residence on January 1st will disqualify a homeowner from establishing or maintaining homestead exemption in that tax year. If you have any questions about the foregoing, please contact your local real estate attorney.
Author:Kathy Toonder Phone: 941-544-7270 Dated: January 3rd 2016 Views: 688 About Kathy: I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s...
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I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s Gulf Coast. Thirty years ago I came from Michigan to the Sarasota area to enjoy the beaches of the Sunshine State. The “Beach Communities” Longboat Key, Lido Key, Siesta Key and Casey Key are what draw everyone to make Sarasota their home!
Sarasota the “Cultural Capital” of Florida attracts homeowners that want more than just a beach experience. Sarasota and Manatee communities with the growth of new housing maintain their elegant but laid back style. It is a great place to make it your home to be able to enjoy lush natural environment and the amenities of a modern city.
I became a home owne r in Lakewood Ranch an award winning 17,500 acre site that provides a beautiful master planned, maintained and golf community. Get the picture: blue waters, white sand, plenty of sun, blue skies, fabulous food, casual outdoor dining, amazing fishing, play golf, boat races, music and art festivals….
My focus is to best understand the goals and visions of my clients, ensuring all decisions are made with a wealth of information and the necessary tools for a successful, rewarding experience.
I have found my “Slice of Heaven” I look forward to you finding yours!