It’s the beginning of the year and financial planning is on everyone’s minds.
In Florida, property owners are eligible for discounts on their property taxes based on their homestead qualifications and property ownership status. Here are a few points to keep in mind about Florida’s homestead exemption.
All legal Florida residents are eligible to apply for homestead exemption on homes, condos, co-op apartments, and certain mobile home lots. The home must be the primary residence of the property owner, and not used as a rental.
The eligibility for homestead exemption is established on January first, and automatically renewed once a property owner qualifies as long as their exemptions do not change. For property owners who wish to claim a new homestead exemption, they must file an application with the Miami-Dade County Property Appraiser office by March 1, 2018.
3. Rental Penalties
If the property, or any portion thereof, is rented, owners must notify the Miami-Dade County Property Appraiser. Failure to do so may subject you to 50 percent penalty and 15 percent interest per year up to 10 years.
For professional advice on all aspects of buying or selling real estate, please contact me at firstname.lastname@example.org or 305-960-2575, or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.