Explanations About Homestead And Similar Florida Tax Exemptions

tax exemptionsOn January 29, 2008, a constitutional amendment was approved by Florida voters.

In spite the fact that we estimate that it could give a small shot in the arm to the depressed Florida real estate, our opinion on this tax reform isn’t very positive. Additional and more substantial reforms must be considered by the legislature if we need our whole tax system to be more equitable and fair, and alleviate the problems of our vanishing middle class.

Some important changed substantially the structure of the homestead and save our home exemptions. Here is where we stand now.

Known homestead exemption. For Florida residents who have filed for this exemption.

tax exemptionsAdditional pluralplural 75000 or more.

This additional exemption does not apply on the school portion of the tax bill.

Additional pluralplural 24214 This exemption must be renewed annually, including IRS tax return or proof of non filing.

Additional 500 Disability/Blindness exemption.

Additional 23604 – Grammy Flat exemption. On top of this, exemption for the percentage of the new construction, up to 20percentage of the homestead value, when building additions to provide living quarters for parents or grandparents.

Business Equipment Exemption -pluralpluralpluralplural 25000 in tangible property, are not required to file anymore tangible property tax returns.

This amendment, approved in 1992 limits the increase of assessed values of homesteaded homes to 3 per year.

Portability of Saveourhomes.

Homesteaded owners can move this benefit from one homesteaded home to another, up to 500,We anticipate some confusion to be clarified by Florida Department of Revenue advisory opinions.

All other properties that do not have the homestead protection, just like commercial real estate, rental properties, second homes, investment properties have a brand new protection. Their taxable value can not increase more than 10 per year. Basically, this cap does not apply to the school portion of the tax bill. Henry Nathan is a Realtor in South Florida.

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