Did you know that, along with all the incredible features Florida has to offer, there's also a tax savings offered to homeowners?
Florida residents not only enjoy year-round outdoor activities and no state sales tax, but buyers who purchase a home prior to December 31 of each year, making it their primary residence, can apply for a $25,000 exemption to the assessed value of the home. Depending upon the value of the home, an additional $25,000 exemption to the assessed value of the home may also be available. These exemptions can keep hundreds of dollars in your pocket each year! Additionally, once homesteaded, the assessed value of the property can only rise a maximum of 3% per year.
But, wait! There's more!
Once upon a time, not so long ago, when a Florida homeowner chose to sell one home, and upgrade to another, their purchase would trigger an entirely new assessment of the newly purchased home. The benefits of a 3% capped annual increase to their assessment, once enjoyed at their prior home, was lost. The taxes on the purchase of a home could be so much higher than on the previously homesteaded property, that homeowners frequently stayed in homes in which they were no longer happy, or which no longer met their needs. Florida's Save Our Homes Amendment (SOH) put an end to that troublesome issue, offering portability of the prior assessment. With SOH, additional taxes on the new home are recalculated based upon the difference in assessed value between the prior and subsequent homesteaded properties, freeing Floridians from the binds of tax-shock.
To learn more about the tax benefits of homeownership, and about the portability of Save Our Homes, visit the MyFlorida.com website.
If you're considering the purchase of a home, the time to capitalize on these savings is now!
Whether you're looking for a beach-side condo, a Victorian in historic Riverside, a riverfront home in Mandarin, or farm land on the Northwest side of town, the Life's A Beach House Team has you covered.
Contact me, Michele with one 'L', your hometown realtor.
As a Realtor in Jacksonville Eric Dreibelbis with Keller Williams Realty Jacksonville Beach serves ALL communities as a Listing Agent and a Buyers Agent. I am a Nocatee certified agent and work New construction as well. Proudly selling homes in Jacksonville, St Johns, Ponte Vedra, Jacksonville Beach, Atlantic Beach, Neptune Beach, Ponte Vedra Beach, Nocatee, Mandarin, Southside, Julington Creek. We also work with Investors looking to "Flip" or build "Rental" portfolio. Eric Dreibelbis with Keller Williams Realty Jacksonville specializes in finding the perfect home for buyers and helping sellers have a smooth, worry free experience selling their house. We are top producing Realtors in the Top 1% of the MLS in Home Sales yearly.