Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Homestead exemption
First of all I realize that we will need to talk to a lawyer re this but I thought I would throw a few questions out there before that discussion. The wife and I are thinking that maybe selling our RI property might be possible in the near future. We know that Florida’s homestead deduction will result in reduced property taxes. What we are not so sure about are other protections that are included with the Florida homestead law. One of our concerns is re declining health and nursing homes. Is it true that Florida’s homestead law is one of the most favorable in the country re protection of your home? I’m sure other people in The Villages have addressed this topic so any information you can provide will be appreciated.
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#2
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I just did a Google search on Florida Long Term Care insurance, and found several sites with very good info, all were Florida government based sites.
An elder law attorney would probably be your best choice. I do not want to get into any advice as I will probably misquote something, but these sites will provide some basic info. Also, SHINE (SHINE - Home) may have additional information on this. Pay special attention to LTC policy if your intent is to shield assets if your need to go on medicare. Hope this helps.
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Pennsylvania, for 60+ years, most recently, Allentown, now TV. |
#3
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Statutes & Constitution :Constitution : Online Sunshine Florida Homestead Exemption - Alper Law Of course, as you said, talking to a lawyer is the best way to see how it will apply to your circumstances. We moved here from Massachusetts which had a similar homestead law. |
#4
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No reason to not homestead your Florida home. we recently moved a few times here in Florida and always homestead our new place. You save 50K on your assessed valuation and your real estate tax cant go up more than 5%/yr. ( also save some on school tax). When selling and buying a new property in Florida there is also a portability credit that carries forward but that's another subject.
Any time we had questions we went to the local tax assessor's office and got clear answers and advice on how to do this. There are certain time and date deadlines to do this each year but if you miss the current year you can apply during next years timeline. |
#5
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Yes, you must have moved in the calendar year BEFORE the first year you can GET the exemption. We closed on Jan 6, 2017 so lost all of last years exemption by a week. |
#6
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As I recall there are three parts to the homestead status of a home. One is real-estate taxes. You have to apply for that. A second protects the home from creditors. If you and your wife own the home by entities the home can not be sold by your creditors. But if you are both deceased the home can be sold for your debts. There are also provisions that protect the home if left to your children or you sell it and buy another home shortly there after. Yes you need to discuss your problem with a Fl elder estate attorney. It is complicated and you can use the above to ask questions but I may not be recalling all the info as it has been quire some time since I have looked at this. But why would the nursing home let you stay if you were not paying your bills? If no one paid the home how could they care for their guest?
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#7
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Thanks everyone. I will talk to a lawyer. Since I’ve read that Florida’s Homestead law is one of the country’s best, I was wondering how it is better than other states.
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#8
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There are many exceptions available, check with the county tax authority to see what you may qualify for.
Remember, we're not here for long time, we're for a good time. As a Rhode Island escapee, you won't regret it. |
#9
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To be eligible for a homestead exemption, you must own and occupy your home as your permanent residence on January 1. The deadline to timely file for a homestead exemption is March 1. Late filing is permitted through early September. |
#10
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Homestead exemption
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I believe that’s what I had said (edit, but it could have been clearer. I know what I meant but didn’t mean what I said !,[emoji4]). We closed Jan 6 2017 and missed out for 2017 because of 6 days. Went to tax office and they said we were SOL.
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. . "If one has no sense of humor, one is in trouble." Betty White (1922-2021) R.I.P. |
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