Wednesday, February 27, 2013
Homestead Exemption Tax applications are due this Friday to the Miami Dade Property Tax Appraiser. There are two new exemptions that were announced, one for low income seniors living in their home over 25 years, and another for spouses of police and fire rescue workers who died in their respective posts. Exemptions are available to those also who have their primary residence in Miami. If you qualify, the exemption is $50,000 and the rest of your home is taxed based on the rate in your area. For example, if you own a home and it is worth $425,000, then you would be taxed $375,000. It can be a substantial savings.
Homestead Exemptions in Florida were established to protect a homeowners value of a home in the face of increased values in the neighborhood, and protect against creditors if the tax became a burden. Across the Southern States, Homestead Exemptions are popular and are derivative of Spanish Laws. Many of the exemptions feature surviving spouses and those in unfortunate situations. You are still able to vote on the tax issues, whether you are exempted or not, so filing can often be very advantageous to a homeowner, whether it is a multi-million dollar home, or several thousand dollar condo. File at the Property Appraiser website.
