The property appraiser is currently accepting new applications for the homestead exemption for 2018 and the deadline to file is March 1, 2018. In order to qualify for the homestead exemption you must be living in the property as your primary residence as of January 1 of 2018. Do not forget to gather all the appropriate documents and information you need to file whether you do it in person at the tax collector's office or online - for Palm Beach County you can click this link:
For instructions on how and where to file, contact the staff at Sarrell, Sarrell & Bender, PL, by telephone at 561-807-7107 or email email@example.com
Don't forget that if you sold your old homestead and purchased a new one you may be eligible for Portability! Portability allows Florida residents with a previous Homestead Exemption to transfer part of their tax savings to their new residential property in Florida so long as the sale and purchase fall within a two year window.
The new tax bill affects homeowners in several ways. Here are some of the highlights of how the tax bill can affect a homeowners. Feel free to contact the attorneys at SSB Law to answer any more questions you may have.
* Eliminates home equity deduction; interest home equity lines of credit will no longer be deductible whereas interest was deductible on equity lines up to $100,000.
* Reduces mortgage interest deduction limit to $750,000. While the deduction limit pertaining to mortgage interest drops to $750,000 of debt on your primary residence, it remains $1 million for homes purchased before Dec. 15 of this 2017.
* Retains current law treatment of capital gains from home sales.
* Doubles the standard deduction. The new law increases the standard deduction to $12,000 for single The new law increases the standard deduction to $12,000 for single filers and $24,000 for joint filers. filers and $24,000 for joint filers.
* Limits deduction for state and local income tax, real property tax, and sales tax (in the aggregate) to a maximum amount of $10,000. This only affects Floridians for our property taxes since we do not have state income tax.
* Does not reinstate the deduction for mortgage insurance premiums
Jordana Sarrell, Esq., LL.M.