If you’re thinking of becoming a seasonal south Florida resident, i.e. a “snowbird,” you may want to reconsider.
Florida real estate tax laws give a big tax advantage to residents who buy in Florida and claim that property as their full-time residence.
“When someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption that would decrease the property’s taxable value by as much as $50,000. This exemption qualifies the home for the Save Our Homes assessment limitation,” to quote Florida’s Department of Revenue.
And that’s not all Florida tax benefits. There are new ones, too. “The homestead exemption and Save Our Homes assessment limitation help thousands of Florida homeowners save money on their property taxes every year. Further benefits are available to property owners with disabilities, senior citizens, veterans and active duty military service members, disabled first responders, and properties with specialized uses.” Note that quote from the state specifically mentions Florida real estate taxes for seniors. Taxpayers Exemptions
Lang Realty brokers who are experts in real estate and property taxes in Palm Beach County and Port St. Lucie. Each year, the Palm Beach County Property Appraiser assesses the property tax based on the appraised value. Here’s the link for frequently asked questions.
Property taxes are paid on a set schedule with discounts to the Palm Beach County Constitutional Tax Collector.
If you’re investing in residential real estate property here, make sure to consult an accountant with a Florida license or a Florida accounting agency about Florida real estate capital gains tax.
