Unbeatable Tax Benefits of Owning Property in Florida

‘Tis the season…tax season, that is. Nationwide migration trends have Florida as a leading destination for families from states around the West Coast. It’s clear why.

Owning property in Florida can provide several tax benefits for homeowners. Here are some of the tax benefits you may be eligible for:

Homestead Exemption

If you own a primary residence in Florida and have lived in the property for at least six months out of the year, you may be eligible for a homestead exemption. This can reduce the taxable value of your home by up to $50,000, which can result in significant property tax savings.

Save Our Homes Cap

The Save Our Homes Cap is a tax benefit that limits the amount that your property's assessed value can increase each year for tax purposes. This can help to prevent property taxes from rising too quickly, even if property values in your area are increasing.

No State Income Tax

Florida is one of the few states that does not have a state income tax. This can be a significant tax savings for residents, as they do not have to pay state income tax on their earnings.

Portability

If you move to a new home in Florida, you may be able to transfer your homestead exemption to your new property. This can help to reduce the property taxes on your new home.

Estate Tax

Florida does not have an estate tax, which means that your heirs may not have to pay state estate taxes on any property or assets that you leave to them.

It's important to note that the tax benefits of owning property in Florida can vary depending on your individual circumstances, and it's always a good idea to consult with a tax professional to fully understand your tax obligations and benefits.