In 2015, over 35,300 residential properties sold in Miami-Dade County, according to the County Property Appraiser’s Office. If you are one of these over 35,300 new Miami owners or a new Florida owner, you may qualify to reduce your taxes if you use your property as your home! P.S. You may be able to save on a house, condo or townhouse! Read below to learn if you qualify & Hurry! You have to apply by Tuesday March 1, 2016.
Suzanne Hollander, real estate attorney, commentator and broker explains 5 frequently asked questions about the Homestead Exemption – listed below:
- What is the Homestead Exemption and What’s So-Great About It? Florida’s Homestead Exemption helps homeowners reduce the property tax expenses of owning a home! It’s So- Great for 4 Main Reasons!
- So-Great #1: Up to $50,000 Reduction Off… your home’s assessed value, reducing the Taxable Value of your home.
- So-Great #2: The Florida Constitution Save Our Homes Amendment Caps the Increase of your home’s Taxable Value to 3% or the increase in CPI whichever is less, even if market values rise. The Cap = B.I.G. $avings because Florida property market values often rise far above the cap and it lasts as long as you own your home.
- So-Great #3: Protection from Creditors. Your home is protected from the reach of creditors, except for liens for taxes and your primary lender.
- So-Great #4: Portability. If you sell your home, you can pack-up/transfer (“port”) up to $500,000 of the difference between your assessed value and the market value of your old Florida home, and bring those savings to your new Florida home.
- It’s So Great! I love it! How Many Can I get? Each person may have one, but. a married couple made up of two people, may only have one homestead.
- How do I get it? Click here to apply online at the Miami Dade Property Appraiser’s website. If your property is in another Florida County, you should contact that County’s Property Appraiser to confirm how to apply.
- Can Snowbirds get it? Nope! Snow birds may enjoy our Florida sunshine, but not this Florida benefit. The Homestead exemption is for people who live in their primary residence in Florida.
- I own my home and rent it out, can I keep the Homestead Exemption? No! You may be fined and penalized. This will be expensive. Don’t do it! If only a portion of the property is rented, you may still be able to receive a percentage of the exemption but you must check with the Property Appraiser.
For Help understanding or applying for the Homestead Exemption contact firstname.lastname@example.org
Professor Real Estate® Suzanne Hollander is a real estate attorney, broker, educator and commentator and voice for real estate, housing and property rights, frequently quoted in the media, including Wall St. Journal Money Watch, YahooFinance!, Miami Herald, El Nuevo Herald, Wallethub, The Real Deal, Mercado De Dinero USA & Scotsman Guide Commercial Real Estate edition. Professor Real Estate® Suzanne Hollander provides real estate education to the nation to help everyone make smarter real estate decisions.
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To buy or lease property in Florida or Maryland contact Suzanne Hollander. She is a licensed Real Estate Broker in Miami, Florida with Hollander Realty LLC and a licensed Real Estate Sales person in Maryland with EKB Realty.
Contact Professor Real Estate® Suzanne Hollander for real estate advisory services, coaching and empowerment. She motivated and empowered 1,000s of clients, students and followers and she can help you meet your real estate goals!
Disclaimer: Professor Real Estate® written materials apply generally to real estate subjects and are not intended to apply to specific legal issues. Copyright 2016. Professor Real Estate® Suzanne Hollander