‼️ FRIDAY FUN FACTS ‼️

🏡 Homesteading in Florida 🏡 – What is it and what are the key facts to remember?

💰🚫 Tax Exemption: Florida provides its residents several statutory tax exemptions, which lessen and/or eliminate the amount of ad valorem taxes due and owing with respect to real property designated as the OWNERS PERMANENT RESIDENCE. (👈🏻 This is your first key fact).

• 🔑🚪In the state of Florida, when someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption up to $50,000.  As long as you owned the property on January 1 of the tax year.

💸 💳 Protection From Creditors: The Florida Constitutional homestead exemption offers virtually absolute protection from forced sale to meet the demands of creditors, except under four special circumstances, and should not be confused with the Florida Ad Valorem tax reduction savings, which is a product of the Florida legislature.

🚚📦 LAST: If you are moving from a previous Florida homestead to a new homestead in Florida, you may be able to transfer, or “port,” all or part of your homestead assessment difference.

🤔❓QUESTIONS about Homestead, I’d be happy to chat but our conversation can’t replace that of a Florida Licensed Real Estate Attorney ⚖️. I’d be happy to introduce you to one, just let me know!