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Florida's tax-friendly reputation makes it a haven for retirees, with no state income tax, estate tax or inheritance tax. However, staying informed about upcoming federal tax changes is essential ...
An extra tax on home sale profits over $250,000 was designed to target wealthy homeowners. But as home values have soared, the tax is impacting middle-income people, too. Two older homeowners told ...
Florida property tax homestead exemption reduces the value of a home for assessment of property taxes by $50,000, so a home that was actually worth $100,000 would be taxed as though it was worth only $50,000. However, the second $25,000 of homestead coverage does not apply to the school portion of property taxes, and only applies to the third ...
A common problem occurs when the homeowner dies; if the surviving resident does not meet the requirements for ownership, then he or she is forced to sell the home. This can happen even if the survivor is the spouse of the deceased. However, many age-restricted communities have circumvented this issue by allowing the survivor to maintain ...
There are two exemptions that each knock $25,000 off the taxable value of a home, thereby reducing the final tax bill. For example, a home with an assessed value of $200,000 and two homestead ...
The Villages was the top-selling master-planned community in the United States in 2017 and one of only four communities to sell more than 1,000 homes. [19] The Villages also claimed the title of the best-selling master-planned community of the decade, with 24,440 new home sales from 2010 through 2019. [20]
Per the new Florida law, all three-story-plus condo buildings and at least 30 years old must undergo a mandatory engineering assessment before Dec. 31, 2024. Condo associations must also shore up ...
As a senior citizen, you probably will end up paying property taxes for as long as you are a homeowner. However, depending on the state you live in and often once you hit your 60s (usually around ...