Saving your hard earned money should be the goal of every homeowner. As many a homeowner will attest, running and operating a home can be extremely costly. There are utility bills, ongoing repairs and the dreaded real estate taxes. How can cost savings be implemented into your yearly budget of running your home in Aventura, Florida and other cities and towns in the state?
This week I will address the costing savings that can be made regarding your real estate taxes in Aventura, Florida and on all properties owned as primary residences in the Miami-Dade County.
But first, a bit of the background on the taxes paid in Florida.
- Sunshine State residents are exempt from state income taxes.
- The sales taxes paid on products or services purchased vary from county to county. The current sales tax rate in Miami-Dade County is 7%.
- All Florida homeowners pay real estate property taxes. These real estate taxes are determined locally and usually are based between 1.5 and 2% of a home's value. Real estate taxes are paid from the months of November to April.
Now back to Homestead for real estate property in Aventura, Florida and the entire state.
What is Homestead and how do I apply?
Florida state law requires that homeowners are allowed to claim up to $50,000 of the access value of their PRIMARY residences for their Homestead Exemption. This allowance lowers your yearly real estate taxes.
Homestead can slow the rate of future property taxes on your real estate in Aventura, Florida and other primary residences throughout the state.
It also can protect your home in case of financial hardships from creditors, such as the death of a husband or wife. This means that a creditor cannot force you to sell your home to pay off debt.
A property must be deemed to be your primary residence for the coming year by the close of the current year (December 31).
There are many additional homestead discounts, including a military service, disability and income based reductions.
Homestead application for real estate in Aventura, Florida and the whole of Miami-Dade County can be found here.