People who own a home in Florida have many benefits, and enjoying the semi-tropical warmth is undoubtedly top on the list. This is the number one reason the sunshine state is home to the country’s largest population of winter over residents and retirees. This is one of the biggest reasons Floridians are always on the lookout for great ways to save money on their home expenses, including great homeowners insurance rates and the property tax exemptions Florida offers its homeowners.
Basic Property Tax Exemptions
Florida offers some beneficial tax exemptions for all property owners. The primary exemption is called the Homestead Exemption. This allows Florida homeowners to get a waiver of up to $50,000 off their tax liability. The first $25,000 applies to all property taxes, and the second $25,000 applies to any property with an assessed value over $50,000 and includes only non-school based taxes.
Special Property Tax Exemptions
Florida has quite a few special property tax exemptions, including a $50,000 property tax exemption for people over the age of 65. Also, there are five other significant property tax exemptions Floridians can apply to utilize. These include two separate Veteran’s disability exemptions, a widow and widower exemption, a blind person exemption, and a disabled person exemption.
There are also special exemptions for Floridian homesteaders. These are for homeowners who permanently reside in the state. One of these is a benefit for veterans or their spouses in the event of an untimely death while in service to the country. The other exemption is for permanently disabled homeowners and is based on their gross income.
If you are looking into what property tax exemptions Florida offers that might apply to you, it is best to check with your county or town appraiser’s office to learn more. For great rates on homeowner’s insurance, Kin insurance offers some of the best rates available. You can learn more about them at www.kin.com/.
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