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The Florida Homestead Exemption, how you may be able to reduce your tax burden and protect your primary residence from judgment creditors.
Florida is home to sunshine, beaches, and much more. While many individuals vacation in the sunshine state, others choose to make it their home for a plethora of reasons. One of these many reasons may be the Homestead Exemption and creditor protection delineated in the Florida Constitution.
In short, the tax exemption applies to every person who has legal or equitable title to real property in the State of Florida, who resides thereon, and in good faith makes it his or her permanent residence. To make a property one’s permanent residence, they must establish their domicile in that State.
The tax exemption allows property owners to receive an exemption of up to $50,000. In 2020, the basic homestead exemption saved a Broward County homeowner anywhere from $658.78 to $1,057.30 in annual tax savings for all homes with a value of $75,000 or higher. In order to receive this exemption, you must have made the property your principal residence as of January 1st, and apply with the County where the residence is located during a specific filing period.
Further, Article X, Section 4 of the Florida Constitution exempts homestead property from levy and execution by most judgment creditors. This means that a creditor cannot place a lien against or force the sale of your homestead property to satisfy an obligation or monetary judgment. The value of the property protected is unlimited.
Get Help Today From a Fort Lauderdale Real Estate Lawyer
This process can be tedious and cumbersome without the help of an attorney. Nicole Villarroel is a partner at Olive Judd, P.A., and specializes in commercial and residential real estate matters. She can be reached at 954-334-2250 or nvillarroel@olivejudd.com.