Florida Real Estate Blog

For many Florida residents, tax exemptions help to lower their annual property tax bills. The primary exemption available in the state of Florida is the Homestead Exemption, but there are many others available. The Widow’s and Widower’s Exemption, The $500 Disability Exemption, and the $5,000 Disability Exemption, to name a few. Tax exempt amounts are deducted from the fair market value of the home.

Tax exemptions for disabled persons

The state of Florida offers several tax exemptions for those with permanent disabilities. Any Florida resident who is totally and permanently disabled may qualify for at $500 exemption. Residents who are ex-service members and who sustained at least a 10% disability in war or service-connected injury may apply for a $5,000 exemption on any property they own.

If you are an ex-service member who sustained an injury in wartime or service-related activities which let to a total and complete disability, you may be entitled to a complete tax exemption on your primary residence.

Property tax exemptions in the amount of $500 are available to blind persons residing in Florida.

Additional exemptions

Finally, property tax exemptions are available to widowed residents and residents over the age of 65. Florida Residents over the age of 65 who have an annual income of less than $20,000 may be entitled to an additional $25,000 Homestead Exemption.

Any widow or widower who can show permanent Florida residency is entitled to an additional $500 tax exemption. This exemption is revoked upon re-marriage.

For additional information on tax exemptions, qualifications, residency requirements and application forms, Florida residents can contact the county property appraiser, tax collector, or Florida Department of Revenue.

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The largest tax exemption for Florida home owners is the Homestead Exemption. A Homestead Exemption allows you to deduct $25,000 from the fair market value of your Florida home. To qualify, you must be a Florida resident, the home in question must be your primary residence as of January 1st.

Applying for this exemption is relatively simple. First, you must obtain a Homestead Exemption from your local property appraiser’s office. Standard application questions include: Name on property’s recorded title, street address of the property, length of time title holder has been a Florida resident, confirmation that title holder has a Florida license plate and driver’s license, and whether title holder resided at the property address as of January 1st.

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All Florida residents are required to pay an annual Ad Valorem, or property, tax on their homes. The amount of tax due each year depends on the taxable value of your home, and on your county of residence. A comprehensive list of property tax rates among Florida counties can be obtained from the Florida Department of Revenue.

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Whenever real estate is transferred in Florida, either by quit-claim deed, warranty deed, or a written obligation to pay (such as a mortgage) is filed, a Florida document tax must be paid to the County Clerk’s Office if the document is files, and directly to the Florida Department of Revenue if the document is not filed. The Florida home buyer will be assessed a Florida mortgage tax, which is typically $0.35 per every $100 of the home’s value. A Florida State Mortgage Intangible Tax may also be assessed at an average rate of $0.35 per every $100 of the home’s value. Taxable home value is calculated by using a fair market price estimate.

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No matter where you live, state taxes are a part of life. States use the taxes collected from homeowners to pay for vital community infrastructure. In Florida, the state collects approximately $36 billion per year in general tax revenue, which is used for schools, health care assistance, environmental protection, and numerous other state-funded programs. Taxes on businesses, large corporations and merchandise, rentals and services make up the majority of this revenue, but Florida homeowners also make a significant contribution.

A clear understanding of Florida property taxes is an asset to any Florida home buyer. If you are considering a new home purchase in Florida, knowing the amount of tax you will need to pay, both at closing and on an annual basis, is an integral step in establishing a realistic housing budget. Certain taxes are assessed at the time of closing on your new home, while most annual taxes are deducted from your initial escrow account. An additional tax payment added to your monthly mortgage is used to replenish this escrow account each year.
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One state where additional hurricane protection is especially important is Florida.  In 2004, Florida suffered a series of direct hurricane strikes to both coasts.  Even inland areas were not immune to the powerful storms, and homes throughout Florida suffered severe damage.  Florida was also subject to extensive building code reform after the devastation Hurricane Andrew left behind in 1992.

Despite extensive reform in South Florida, only a handful of additional Florida counties have adopted the strict standards that are currently in place in Dade county (areas of which were devastated by Hurricane Andrew).  In fact, the current building code in most counties only requires that new homes be built to withstand a Category 2 hurricane.

That is why a handful of builders in Florida have begun giving their customers an added level of protection.  Above code construction is a term used by these builders to convey that their home construction standards exceed what is required by Florida building code.  Some of these homes are built to withstand winds in excess of 140 mph, and offer superior protection for homeowners.

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Custom homes often come with a higher price tag, but you can definitely see where the extra money goes. High-quality materials, custom decor options, and additional safety measures are just a few of the additional features custom home builders offer. Homes built by custom builders are usually much more luxurious in scale, and often include vaulted ceilings and bright, airy floor plan choices. Top of the line paint, appliances, flooring and fixtures may also be offered.

But there are also different levels of custom home builders, especially when it comes to hurricane safety. In states where hurricanes are a fact of life during the summer months, choosing a high-quality home builder is especially important.

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There are two very different types of home builders offering their services today. The first, and often cheapest, option is a tract home builder. These builders offer newly constructed homes at the lowest prices, and can be an affordable option for the buyer on a tight budget. Tract homes are not necessarily bad homes, but the materials used to build them are often of much lower quality than materials used by custom home builders.

Tract home builders can offer lower prices because they purchase materials in mass quantity. Because of this mass purchasing policy, they are not able to offer buyers décor options or choices in color scheme, flooring, etc. Tract homes are often referred to as “cookie-cutter” homes because they all look exactly the same. Tract homes are very seldom built above code, and do not usually include options such as safety glass, additional roof truss straps, or solid, poured concrete construction.

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There are several benefits to purchasing a pre-construction home. Brand-new homes do not come with repair costs since nothing in the home has ever been used and the structure has not been subject to the elements.

When you have a new home built, you have the opportunity to choose the look and feel of your home, and personalize it to suit your tastes. Some home builders, especially in hurricane prone areas like Florida, are now building homes above hurricane code with extensive safety measures to protect the homeowner in the face of severe weather.

But not all home builders specialize in high quality homes, or offer buyers the chance to personalize their home. That is why choosing the correct home builder is such an integral part of a positive home buying experience
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There are several steps a seller in today’s competitive real estate market can take to make their home stand out to buyers.  Home “staging” is a process of maximizing a home’s appeal in order to set it apart from other, similar homes on the market.  Negative aspects of the home which may be a concern for buyers are corrected, while positive features are highlighted.  Most of these steps can be completed with little or no cost, and those which require an outlay of funds tend to pay for themselves and then some.

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There has rarely been a better time for purchasing a new home.  Interest rates are low, there are an abundance of properties on the market which fall into virtually every price range, and the current real estate market heavily favors the new home buyer.  For the first time buyer, numerous financing options and special first time buyer programs make home ownership more attainable than many buyers may think.

The key to finding the right home at the right price is preparation.  Researching the current market conditions, available financing options, and other first time home buyer benefits will pay dividends in the long run.  By following a few simple steps, a first time home buyer can navigate the real estate market like a pro.

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