What you need to know about Florida’s Homestead Exemption

KEY WEST, Fla. - April 29, 2015 - PRLog -- Per Gary Smith,Top Producing Commercial and Residential Real Estate Broker in Key West" In the state of Florida, a person’s home is quite literally his or her castle. This is because the homestead exemption does so much to facilitate owning real estate in the Sunshine State.

Not only is Florida a state income tax free zone, it’s also a place to own a home with some very nice advantages, which include:

● Pay less in property taxes. The great thing about claiming homestead exemption in the state of Florida is the fact that you qualify for the money saving benefit from the very first day you occupy the property. There is no waiting period or qualifying time needed, you get to file for homestead exemption as soon as you move into your home.

● There are practically no limits. It doesn’t make a difference if you purchase a condo for $125,000 or a mansion for $3.5 million. The monetary worth has no limit but there are restrictions on property size, which cannot be more than half an acre.

● Double the advantage for married couples. If you are married, both spouses are eligible for homestead exemption, doubling the benefit. Should finances go awry, both spouses are still protected by homestead exemption when filing for bankruptcy.

● Protection from creditors. If you own a homestead exempt property in the state of Florida, you have a home that’s off limits to creditors. This means even if a person or company files a lawsuit against you, and wins a judgment, you can’t be forced to sell your property.

As you can clearly see, when you purchase a home in Florida, you not only get great weather, but plenty of peace of mind.

Gary smith is a Top Producing Broker, located in Key West. His company is Keys Commercial Real Estate LLC and he sells Keys Real Estate from Commercial to affordable Residential homes for sale. Gary can be reached at (305)304-7009