When it comes time to start looking at homes for sale, many homebuyers are concerned with how considering Fort Lauderdale luxury homes may impact their property taxes. But fortunately, there are a few easy ways homeowners can reduce their property taxes. And working with a reputable real estate agent Fort Lauderdale FL residents can trust will be helpful in better understanding these options. But for now, let’s take a look at a few ways Florida homebuyers can save money on their property taxes.
First off, it’s important to understand the benefits of having a home listed as a primary residence. While 42% of people who buy vacation homes plan on using their new properties for vacations or family time, buying a home as a primary residence can allow homeowners to save on property taxes. If the home is a primary residence, then the homeowner can file for Florida’s standard $50,000 homestead exemption. Homeowners only need to apply for the homestead tax exemption once for their new home, which makes this a super easy process.
And while this can be extremely helpful when it comes to reducing property taxes, there is more than just this one exemption for primary residences. Another possible option for homebuyers could be portability. If a Florida resident is moving to another home in Florida, they may be eligible to take their tax savings with them when they move. This can be beneficial because, for the most part, former Florida residents are paying less in taxes than new Florida residents. So if you’re moving from one Florida home to another, talk to your real estate agent about taking your property taxes with you.
And lastly, there are other exemptions that Florida homebuyers may be eligible depending on their personal situations. There are tax exemptions for disabled veterans, longtime residents, deployed service members, elderly homeowners, widows or widowers, and more. These exemptions can make a big difference when it comes time to calculate property taxes. The deadline for filing for exemptions is usually around March 1, so make sure to research these exemption options sooner rather than later.
As you can see, there are plenty of options for Florida homebuyers to save on their property taxes. So when you’re working with a real estate agent Fort Lauderdale FL residents can rely on, don’t forget to ask about some of these opportunities.