How Long Can You Rent Your House Out in Florida & Get Homestead Exemption?
As in many states, municipalities and school districts in Florida levy property taxes to fund their operations. This tax is based on the value of a property. The more a property is worth, the more it is taxed. Under the Florida Constitution, Florida residents may claim a homestead exemption on their property. The exemption reduces taxes by reducing the taxable value of a property by $25,000.
Snowbirds
Florida is famous for its snowbirds -- residents of northern states who drive south to escape harsh winters. They then drive north to escape brutal Florida summers. Snowbirds may be tempted to rent their property for a summer to bring in some extra cash. Under Florida law, renting an entire residence constitutes the abandonment of a homestead and the loss of the exemption. There is a big caveat to that rule.
Exception to the Rule
Under Florida's rules, the value of a home is established on January 1. If a family rents a their homestead after January 1, they are able to keep their homestead exemption. They cannot use this exception for two consecutive years. Thus, snowbirds may rent their property every other year, for up to 364 days.
Qualifying for a Homestead
Simply owning property in Florida does not qualify a family for a homestead exemption. Applicants must be residents of Florida, and they can only claim one residence as a homestead. Snowbirds who have property in two states with homestead provisions cannot claim the exemption in both states. Applications for the exemption must be filed by March 1 of a tax year.
Other Homestead Benefits
Tax savings aren't the only benefits of a homestead exemption. The rate at which a property's value grows is capped under Florida law. Property assessments cannot increase by more than 3 percent each year, or the rate of inflation, whichever is less. New construction or additions are not eligible for this tax relief.
How Long Can You Stay in Your Home After You Stop Paying
www.wisebread.com/how-long-can-you-stay-in-your-home-after-you...Home Personal Finance Real Estate and Housing How Long Can You Stay in Your Home After You Stop Paying the Mortgage?
How to Rent Out a House in Order to Buy Another House eHow
www.ehow.com Real Estate Investment PropertiesRenting out your existing home so you can buy another can be a smart financial move. Over the long term, homes have generally appreciated significantly, making them ...
Chapter 7 Bankruptcy - What Happens When You File For
www.creditinfocenter.com/bankruptcy/chapter7BK.shtmlChapter 7 BK - How to File For Bankruptcy, Answers to Questions About Chapter 7 Bankruptcy. Chapter 7 Bankruptcy Frequently Asked Questions. Last Updated: April
Green Women's Lifestyle - Yahoo! Shine
shine.yahoo.com/greenGet the latest environmental news, organic product recommendations, and learn how to reduce your carbon footprint. Join the discussion on how to live an eco-conscious ...
How to buy a second home Bankrate.com - Mortgage Rates
www.bankrate.com/finance/mortgages/how-to-buy-a-second-home-1.aspxBuying a second home isn't much different from buying a primary residence. If you don't rent it out regularly, so it's not considered an investment property, you can ...
How Long Can a Bank Hold Your Check? eHow
www.ehow.com Personal Finance Money Managing BankingHow Long Can a Bank Hold Your Check?. Federal Regulation CC provides financial institutions with limits to how long they can hold various types of checks. The ...
Access Business News Online - Manufacturing & Design
bizwiz.com/touch/mfgnet.shtmlFind out how to become a HIGH VISIBILITY SPONSOR of this or another Access Business Online site. Business News for Manufacturing, Design, & Engineering
How long can you live in your house after a foreclosure and sale ...
wiki.answers.com Debt Collection ForeclosureHow long can you live in your house after a foreclosure and sale has been done?
Free website Free blog Create a free website Weebly
www.weebly.com/weebly/main.phpNamed one of TIME's 50 Best Websites, Weebly gives everyone a surprisingly easy way to create a unique site. Make a free website, blog or online store with our ...
Renting Your Florida Homestead? You Might Lose Your Exemption
ezinearticles.com Real Estate Leasing RentingJun 20, 2010 Many Florida residents, especially those transplanted from other states, spend only a portion of the year in Florida. The rest of the time their Florida ...
0 komentar
Posting Komentar