Real Estate

Buying or selling of residential or commercial property is the largest monetary transaction in which anyone becomes involved. The wisest course of action is to retain a real estate attorney. The best time to retain a real estate attorney (or any attorney for that matter) is before you sign a contract. If a realtor has prepared your contract, you should still consider having your attorney represent you at the closing; or at the least have the lawyer review the closing documents prior to the closing. I have represented both Sellers and Buyers in real estate transactions.

Florida Homestead And The Save Our Homes Cap In Florida if you are purchasing property to live in, you will be entitled to receive the homestead tax exemption. All other properties you own in the State of Florida are not eligible. In order to receive the homestead exemption, you must be a Florida resident and live here permanently. The homestead exemption means that the first $25,000 of the homestead’s assessed value (not the market value) is not subject to ad valorem real estate taxation. The cap limits the increase in the annual assessment of homestead properties in Florida to 3% or to the Consumer Price Index, whichever is less. This is also known as "Save Our Homes" cap. Voted in as a State Constitutional Amendment in 1992, it went into effect in 1995. This exemption cannot be transferred. If you sell your home and buy another residence, you must file a new application, and the property tax will be based on the sale price of the new home.

Mobile homes may qualify for the $25,000 Homestead Exemption under certain conditions. If you own the land under the mobile home you may declare it a permanent structure and make a one-time purchase of a Real Property tag for the unit. Thereafter, your mobile home will be included on the annual tax roll as real estate, and no further license tag fee is required.

In addition, U.S. Military personnel with a service-connected disability of 10% or more are entitled to an additional $5,000 exemption. If you are the surviving spouse of a disabled veteran, you may be entitled to retain the $5,000 exemption; a widow or widower who is a legal and permanent resident of Florida qualifies for an additional $500 exemption. If the surviving spouse remarries, they are no longer eligible. If the husband and wife were divorced before their spouse's death, the survivor is not eligible.

People who are permanently disabled are eligible for an exemption for a $500. Civilian quadriplegics and honorably discharged veterans who are 100% disabled are exempt from all real estate taxation, subject to certain criteria.