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Here are tips on filing a Florida homestead exemption.
Florida Homestead Law
If you are considering moving to Florida, or if you are new to Florida, you will hear about something you are likely not familiar with: Florida Homestead. Florida Homestead Act makes primary residence purchases extremely attractive because it protects the primary residence of a Florida resident from a judgment believer. This means that if you have a recorded judgment against you, that judgment cannot be attached to your homestead or become a lien. Simply put, if you owe money for a judgment, a believer cannot take your home away.
This protection of the homestead from judgment is one of the most powerful asset protection instruments known in the US. It’s a Florida constitutional law that protects the value of a debtor in their primary residence, which often results in convicting debtors moving to Florida to protect their money from being confiscated by a convicting believer.
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What is defined in the Florida Homestead Exemption for Judgmental Purposes?
The Florida Homestead Law applies not only to a single-family home that is protected from believers, but also to condos, mobile homes, and prefabricated homes.
Florida Homestead Law protection is limited in terms of the lot size of your primary Florida residence. In particular, the protection of homesteads includes dwellings within a municipality up to half a hectare and dwellings outside a municipality up to a contiguous area of 160 hectares. Adjacent properties up to 160 acres are included in the homestead if the related properties have separate legal descriptions and tax numbers. While there is no limit to the square footage of primary physical residence, it should be noted that protection will be assigned if the lot exceeds the size limits.
What doesn’t Florida homestead law protect you from?
Exceptions to the Florida Homestead Law are:
• Mechanics are mortgaging the property to build, upgrade, or repair your homestead
• Liens on real property that were recorded prior to the purchase of your homestead based on special assessments or membership fees of the homeowners’ associations
• State and property taxes and IRS tax liens
• Mortgage liens for the purchase of the property, e.g. B. a mortgage or a home loan
• Property acquired through fraud or a criminal act
How do I apply for my exemption?
For asset protection, your exemption applies if you move into residence with the intention of making your house your permanent residence. For homestead tax exemptions, you must apply for the tax exemption to apply for the tax exemption.
Does Florida Homestead’s protection extend to my heirs?
A creditor of a deceased has no additional legal remedies against the debtor’s homestead after the debtor’s death. Thus the protection of the homestead remains. If the heirs sell the property, the proceeds from the sale go to the heirs and trust recipients.
Who doesn’t qualify for the homestead?
Any individual can apply for the Florida homestead exemption as long as the individual is permanently resident in Florida and the homestead is their primary residence. An individual does not include companies, limited liability companies, irrevocable trusts or partnerships and as such cannot qualify for a homestead.
The Florida Homestead Law is not the same as the Florida Homestead Exemption, which only applies in Florida.
What is Florida Homestead Property Tax Exemption?
Residential property owners are entitled to exemptions that can lower their property taxes. The Florida Homestead Exemption is an example of how Florida homeowners save money on their property taxes every year.
How do you qualify for the Florida Homestead Exemption?
To be eligible for this exemption, you must own real estate that is subject to either permanent residence or permanent residence. If so, you may be eligible for homestead tax exemptions of up to $ 50,000.00. $ 25,000 of this applies to all property taxes, including school district taxes, and the additional exemption of up to $ 25,000 applies to the estimated value between $ 50,000 and $ 75,000 and for out-of-school taxes only.
You can find the application for submitting a homestead here. You must have specific proof that Florida is your primary residence. Evidence, including but not limited to a Florida driver’s license, utility bills, address on your most recent IRS return, evidence of submission of your previous foreign driver’s license, bank statement and mailing address for your checking account, and a Florida voter registration number. For more information on Homestead Property Tax Exemption, click here.
If you have any questions or are planning to make Florida your primary residence and would like to speak to one of our professionals please contact us at 954-384-6114. We are here to help!
Oppenheim Law | Attorneys for Homestead Liberation
2500 Weston Rd # 209
Fort Lauderdale, FL 33331
originally published at: https://www.oppenheimlaw.com/what-we-do/estate-and-asset-protection-planning/florida-homestead-law-homestead-exemption/
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