The property tax in Florida varies based on the county in which the property is located, the value assessment of the property, and whether some of the property is exempt from taxation.
Florida does not have an income tax of the workers in the state and gets it resources from property tax and sales tax.
Did you know that you can get a property tax exemption in Florida if you are a Florida resident? It is called the homestead exemption.
The Florida Homestead Exemption is a valuable benefit for property owners in the state. It provides significant tax savings and protection for homeowners, making it an essential consideration for anyone looking to purchase or own property in Florida.
Under the Homestead Exemption, eligible homeowners can receive a reduction in their property’s assessed value, resulting in lower property taxes. This exemption applies to primary residences and can provide substantial savings over time.
Not only does the Homestead Exemption offer financial benefits, but it also provides protection against creditors. In Florida, the law prohibits forced sale of a homestead property to satisfy most types of debts. This means that homeowners can have peace of mind knowing that their primary residence is safeguarded.
To qualify for the Florida Homestead Exemption, certain criteria must be met. The property must be owned by an individual or individuals who use it as their primary residence. There are also residency requirements and limitations on acreage depending on whether the property is located within a municipality or unincorporated area.
Overall, the Florida Homestead Exemption is a valuable tool for homeowners to reduce their tax burden and protect their primary residence from creditors. Understanding the eligibility requirements and taking advantage of this exemption can result in significant financial benefits for property owners in Florida.
If you are 65 and older, you might be able to get an additional exemption on your property taxes. There are several factors that determine your eligibility including income. If you would like help with determining if you are eligible, feel free to give us a call.
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