Florida Tax Benefits

Real Estate

ARE YOU THROWING YOUR MONEY DOWN THE TOILET?

If you are not taking advantage of the tax benefits afforded to Florida residents, you just may be! I recently posted a video on Facebook in which I discussed the Homestead Exemption. A friend of mine from high school who recently moved to St. Augustine thanked me profusely in the comment section. Had she not watched the video, she would have missed the deadline to file.

In a nutshell, $50,000 can be deducted from the assessed value of your primary permanent residence, and an additional exemption of up to $25,000 can be applied to assessed values between $50,000 and $75,000 for non-school district taxes. If you want to take advantage of this benefit, you have to submit your exemption application by March 1.

BONUS TIDBIT!!! After the first year that your home receives an exemption, the property appraiser will appraise the just value. Your assessment for each year after cannot increase more than 3% or the percent change in the Consumer Price Index (CPI), whichever one is less. This difference between your assessed value and the market value is called the Save Our Homes assessment limitation or your SOH benefit. Here's the good stuff: Your homestead exemption cannot be transferred from one home to another, BUT you may be able to transfer all or part of the SOH benefit. 

Want more information on taxes? Be sure to visit you county property appraiser's office website for more info.

Click here for Pinellas county

Click here for Hillsborough county

Click here for Pasco county