If you've been thinking about relocating to the beautiful Florida Keys, Florida's newly approved Homestead Exemption law may give you another reason to make your move sooner rather than later!
Here's
what you need to know! Florida voters have approved a significant increase in the
Homestead Exemption for qualifying primary residences. Beginning in 2027, up to
$150,000 of your home's assessed value
will be exempt from non-school property taxes. In 2028, that amount increases
to $250,000! That's a
substantial potential savings for homeowners!
But
here's the important part, especially if you're planning to relocate from
another state: Under the new law, individuals who establish Florida residency by
December 31, 2026, may qualify for the increased exemption when they establish
an eligible homestead. Those who become Florida residents in 2027 or later
generally must wait until their fifth year of receiving a homestead exemption
to qualify for the increased benefit.
So, if
you've been dreaming of making the Florida Keys your permanent home, now may be
the time to seriously consider that move! Keep in mind that
simply purchasing a property before December 31 does not automatically
establish Florida residency or guarantee eligibility. The property must qualify
as your primary residence, and applicable residency requirements must be met.
Waiting
for mortgage interest rates to come down? While interest rates
are certainly an important consideration, so are property taxes, home prices,
and the long-term benefits of owning your own piece of paradise. If rates
decrease in the future, refinancing may be an option, depending on your circumstances.
Whether you're looking for a waterfront home, a charming Keys cottage, or a
beautiful place to enjoy your retirement, I'd love to help you find it! I’ve
been a Realtor since 1994 and have extensive experience in the Florida Keys
real estate market. If you're already prequalified, contact me and tell me what
you're looking for. If you need financing, I'd be happy to recommend several
experienced lenders.
Thinking
about selling your Florida Keys property?With over 30 years of
real estate experience, I offer extensive marketing, professional guidance, and
personal attention throughout the entire selling process.
The
Florida Keys lifestyle is waiting for you. Let's make it happen!
Wiebke
"Veepka" Westedt
LoKation Real Estate
Realtor since 1994
Homestead benefits apply to
qualifying primary residences, not vacation homes or investment properties.
Actual tax savings depend on assessed value, applicable tax rates, and
eligibility requirements.
If you are interested in buying or selling property in the Keys please contact me at 305-393-0923 or e-mail me at VeepkaC21@gmail.com
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