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SARRELL, SARRELL & BENDER
  • Home
  • Attorney Profiles
    • Jordana Sarrell
    • Steven A. Sarrell
    • Adam J. Bender
  • Areas of Practice
    • Association Law
    • Real Estate Transactions
  • Blog
  • Testimonials

REAL ESTATE LAW BLOG

    Author

    Jordana Sarrell, Esq., LL.M.

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    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:
    https://secure.co.palm-beach.fl.us/papaefile/web/heapplication/login.aspx
    *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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SUPER LAWYERS RISING STAR

7/6/2017

 
Managing attorney, Jordana Stern Sarrell, Esq., LL.M., has been awarded the distinct honor of being chosen as a Florida Super Lawyer Rising Star in the area of Real Estate Law for the second year in a row.


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Same Sex Marriage & Real Estate

7/6/2017

 

​Same Sex Marriage & Real Estate

​​​In January 2015 the Supreme Court of the United States issued an historic and groundbreaking ruling in Obergefell v. Hodges which held that the fundamental right to marry is guaranteed to same-sex couples by both the due process and equal protection clauses of the fourteenth amendment of the U.S. Constitution.  So what does this mean with respect to real estate in Florida? Well…
  1. In Florida when a married couple takes title to property, title is taken as “husband and wife”, “wife and wife” or “husband and husband” which automatically defaults to the protective status of “Tenants by the Entireties” (“TE”).  TE status means that upon the passing of one spouse, title will automatically transfer to the surviving spouse without the need for a probate administration.
  2. TE status also provides greater creditor protection when the property is your homestead meaning that the only judgments that can be enforced against your homestead are: debts arising out of the property itself (mortgages, construction liens, etc.), taxes or domestic support obligations (child support or alimony).
  3. In Florida, you cannot encumber or transfer your homestead without the consent of your spouse and the Florida constitution provides strict guidelines for the devise of homestead property when survived by a spouse or minor children. 
For more information on how the landmark Supreme Court decision affects your rights in a same sex marriage, please call our firm to discuss.
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