Over 1,000 people move to Florida every day according to dmv.org. Not only are families relocating from other states but they are also moving from other countries. Is this because of
the beautiful sand beaches, warm sunny weather, or miles of green golf courses? It may just be because of the generous tax laws offered to Florida residents.
The law states that Florida residents are eligible for a 25,000 exemption on the assessed value of their home. Those with an assessed value of more than 50,000 are eligible for an additional 25,000 exemption, depending on the value of their property. The exemption can
only be applied to non-school taxes, and the property must be worth at minimum 75,000 to be eligible for the entire exemption amount.
In order to qualify you must be a Florida resident having title to real property and making it your permanent residence by Jan 1st. The deadline to apply is March 1st.
In addition to the homestead exemption we have the Save our homes amendment which protects homeowners by limiting the tax assessment to a maximum of 3% each year.
You may also qualify for one or all of these exemptions listed below.
- Widow/Widower’s Exemption $500.00
- Disability Exemption $500.00
- Veterans Disability Exemption $5,000.00
- Blind persons Exemption $500.00
If you are a foreign buyer there is something to be aware of and that is the FIRPTA withholding Rule. This stands for investment inreal property tax act of 1980. FIRPTA authorized the IRS to withhold income tax on nonresident aliens and foreign corporations with sales of US real property. When a person or corporation purchases a US real
property from nonresident aliens or foreign corporations, they are required to withhold 10% of the amount. This tax is intended to ensure that the US is able to tax the gains from the sale of property.
Whether you are buying a new home or vacation home, moving from another state or another country or just planning to purchase an investment property,your taxes will always be based on the assessed market value of your property. You will never be penalized and made to pay higher taxes simply because you are native to another place. The Homestead Exemption and Save our homes amendment are offered to full
time Florida residents.
There are exceptions to all tax information listed above we recommend visiting these sites for more detailed information.
Once you have made the decision to relocate to this beautiful
city of Cape Coral, contact our Florida Future Realty Team we are here
to assist you.
Yours in Success,
The Florida Future Realty Team
(239)542-8521
inquiry@floridafutureagents.com
Updated 1-12-2011