Wednesday, February 24, 2010

Property tax savings with Homestead Exemption. Deadline to apply is March 1.

If you purchased your primary residence last year, don't forget to file for your Homestead Exemption Application so that you can take advantage of the 'Save our Homes' feature in the state of Florida. All Property Tax Exemption Applications are due on or before March 1st.

State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.

To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010

To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net

I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!

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