Jordana Sarrell, Esq., LL.M.
HOMESTEAD APPS DUE 2/1/2021
Did You Know? When you make property your permanent residence, you may be eligible to receive an exemption that keeps you from paying tax on a certain portion of your property’s assessed value. If your home is worth at least $75,000, the exemption would decrease the property’s taxable value by $50,000!
The homestead exemption qualifies the home for the Save Our Homes assessment limitation. This “cap” limits any increase to the assessed value of a homestead exempt property to a maximum of 3% or the annual change in the Consumer Price Index, whichever is less, per year. If eligible, this assessment limitation is now transferable to a new homestead in Florida if you move.
When to Apply? The deadline for filing is March 1. In order toqualify for the homestead exemption, you must be living in the property as your primary residence as of January 1 of 2021.
Below is a list of what is generally required, however, check with the property appraiser’s office before the file:
• Proof of Residence
• Property Tax Bill – if you have received one
• Florida Driver’s License or Florida Photo Identification Card
• Copy of Florida Vehicle Registration
• Social Security Number Not a U.S. Citizen? Bring your Resident Alien Card (Green Card) and your Social Security Number.
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:
*Tip Always check with the county property appraiser’s office to confirm the necessary documentation required to file.
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 “Save Our Homes” (SOH) amendment to the Florida Constitution, codified at Sec. 193.155, F.S. includes a provision added in 2008 allowing homestead owners to transfer the accumulated difference between assessed value and the just or market value to a new homestead. If just value of the new homestead is more than the previous home's just value, entire benefit can be transferred, subject to a $500,000 limit. If just value of the new homestead is less than the previous home's just value, a percentage of the accumulated SOH benefit can be transferred (up to $500,000 limit)
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Plan on Buying Properties at the Foreclosure Auction? A Checklist is a Great Place to Start.
Although the checklist below is by no means comprehensive, it is a good start. Buying at the foreclosure auction is a risky business! With the right knowledge and diligence, buying a property at the foreclosure auction riddled with title defects can be avoided. Schedule an appointment with our title defect specialist, Jordana Sarrell, Esq., LL.M., to discuss the benefits and downfalls of foreclosure properties and how to protect your interest and money!
Want to know what you do if a problem arises when going through these checklist items? It is essential to conduct a full and thorough search behind and through the foreclosure to safeguard against buying problematic or defective title at the foreclosure auction. A real estate attorney should be consulted for guidance and advice.
The checklist above is NOT a comprehensive checklist and is not intended to serve as a guide to buying property at the foreclosure sales. The checklist is for informational purposes only. For a more thorough and detailed analysis and checklist, contact SSB LAW today!