Real Estate Property Taxes
Longtime owners of Florida real estate know that property taxes are due by March 31 each year. However, savvy owners know they can get a discount on taxes simply by paying them early.
By paying your property taxes before the end of November, you can get a 4% discount. If you can’t make a payment by the end of November, that’s okay. There are 3 additional opportunities to receive the discount. Taxpayers who don’t pay or arrange to pay their debt will be put on the PUBLIC list of Florida Delinquent Taxpayers. A full list of important dates can be found here.
It’s almost time to pay property taxes. The Florida Department of Revenue website has information for businesses and employers, as well as individuals and families who are filing taxes. To find a property appraiser, search within your county.
In Florida, there are also property tax exemption benefits, including but not limited to various homestead exemptions, widow(er) exemptions, senior citizen exemptions, and veterans exemptions. The homestead exemption is available to the owner of his or her primary permanent residence located in Florida. The homestead exemption is for $50,000. In order to qualify, the property must be your principal place of residence. If you are unsure if you qualify, contact an attorney to assist you.
Investment properties do not qualify for Florida homestead exemptions. An influx of investors, especially those who have purchased Florida foreclosures, have boosted the tax base because they do not qualify for the exemption. This boost to the tax base is important, because Florida does not have a personal income tax.
As buyer or seller, if you recently closed on a property in Florida or if you plan to close on a Florida property before the end of the year, beware that property taxes are still due for that property before April.
Speak to a knowledgeable tax attorney or CPA to discuss what exemptions you may qualify for.