HOMESTEAD EXEMPTION IN FLORIDA AND THE NEW YEA

HOMESTEAD EXEMPTION IN FLORIDA AND THE NEW YEA

HOMESTEAD EXEMPTION IN FLORIDA AND THE NEW YEAR

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: 740
About Kathy: I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s...