Monday, May 18, 2015

What to Know about Florida’s Homestead Exemption

Florida is one of the most affordable and beautiful places to live in the entire country. The Sunshine State is a peninsula that extends down from the southern states into the tropical Florida Keys, situated between the majestic blue waters of the Atlantic Ocean and the aqua-marine calm waters of the Gulf of Mexico. Not only is it the home of thousands of miles of beach, it’s also home to fishing, boating, hiking, camping, golf, tennis, horseback riding, and many other outdoor activities.
In addition to these, there’s the wonderful weather, which is filled with balmy breezes, short and mild winters, and best of all, plenty of sunshine. What makes it all even better is the low cost of living. Vehicles enjoy a longer lifespan because there’s no destructive ice and snow. There’s also no need for purchasing costly home heating oil, and goods and services are also less expensive. Topping it off is the state’s very business friendly environment and property owners have the benefit of taking advantage of what’s known as homestead exemption.
What to Know about Florida’s Homestead Exemption
In the state of Florida, a person’s home is quite literally his or her castle. This is because the homestead exemption does such much to owning real estate in the Sunshine State so attractive and affordable. Not only is Florida a state income tax free zone, it’s also a place to own a home with some very nice advantages, which include:
● Pay less in property taxes. The great thing about claiming homestead exemption in the state of Florida is the fact that you qualify for the money saving benefit from the very first day you occupy the property. There is no waiting period or qualifying time needed, you get to file for homestead exemption as soon as you move into your home.
● There are practically no limits. It doesn’t make a difference if you purchase a condo for $125,000 or a mansion for $3.5 million. The monetary worth has no limit but there are restrictions on property size, which cannot be more than half an acre.
● Double the advantage for married couples. If you are married, both spouses are eligible for homestead exemption, doubling the benefit. Should finances go awry, both spouses are still protected by homestead exemption when filing for bankruptcy.
● Protection from creditors. If you own a homestead exempt property in the state of Florida, you have a home that’s off limits to creditors. This means even if a person or company files a lawsuit against you, and wins a judgment, you can’t be forced to sell your property.
As you can clearly see, when you purchase a home in Florida, you not only get great weather, but plenty of peace of mind.

No comments: