Today’s Navigation: A Series by Weiss LLP

Money in your pocket or in the government’s pocket?  Consider relocating to Florida and take advantage that Floridians have as residents. These include, Florida Homestead laws, property tax caps, asset protection, among others.

Under the Florida Homestead Exemption, homeowners are entitled to cut as much as $50,000 off their home’s assessed value for property-tax purposes.

• The first $25,00 of that reduction applies across the board and includes school taxes.
• The second $25,000 applies to properties which are valued between $50,000 and $70,000, reducing only non-school taxes.

The “Save Our Homes” (SOH) amendment provides a property tax cap for homesteaded properties. The assessed value of the property cannot increase by more than either 3% or the Consumer Price Index (CPI), whichever is lower.

Florida’s homestead law provides real asset protection and shields a homeowner’s primary residence from forced sale to satisfy most judgments or debts. This protection is limited only by the size of the homestead, not its value.

Claiming the Florida homestead exemption involves an application process, which can be submitted online, in person, or by mail depending on the procedures of the local county property appraiser’s office. Once granted, the exemption will automatically renew itself so long as the property’s eligibility remains intact. To take advantage of these generous tax advantages and asset protections, consider relocating to the Sunshine State.

Today’s Navigation is a series of articles by Weiss LLP to help individuals and businesses “navigate” today’s personal and business climate. Contact Weiss LLP for more information.