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Florida Real Estate Property Tax Exemptions Most Favorable in Comparison

By
Real Estate Agent with Florida Future Realty Inc.

Florida Real Estate Property Tax Exemptions can be considered the most favorable and arguably better when compared against other states.  The State of Florida nears the median for real property taxes in the United States of America.  While many critics have said that property taxes in the state of Florida are ridiculously high the numbers show that we rank 22, almost the middle of the road for real property taxes nationwide.

This blog compares real estate property tax exemptions available to property owners in states with some of the highest real estate taxes in the nation including:

  • New Jersey #1
  • Connecticut #3
  • New York #4
  • Rhode Island #5
  • Massachusetts #6
  • Pennsylvania #14
  • Ohio #21
  • Florida #22

Florida Real Estate Property Tax Exemptions

  • Florida residents are able to apply for the Homestead Exemption that provides a $50,000 reduction on the taxable value to the applicant's primary residence
  • If the homesteaded primary residence has an assessed value of $200,000 and qualifies for the exemption the property taxes would be based on a $150,000 taxable value.
  • Florida residents are eligible to receive Save Our Homes on Homesteaded property. This law places a limitation of 3% on annual real estate property tax assessment increases.
  • In 2009 non-homesteaded property owners including homes, condominiums, and vacant land and other forms of real property are eligible to apply for a limitation of 10% on annual assessment increases.

New Jersey Real Estate Property Tax Exemptions 

  • Homestead Credit Program imposes a 4% property tax levy cap on school districts and county and local governments, subject to limited exceptions and adjustments.
  • Qualified residents may deduct 100% of their property taxes due and paid or $10,000, whichever is less for either a deduction or a refundable credit on their New Jersey resident income tax return.
  • Tenants may deduct 18% of rent paid during the year is considered property taxes paid for either a deduction or a refundable credit on their New Jersey resident income tax return.

Connecticut Real Estate Property Tax Exemptions 

  • Assessments are made at 70% of fair market value.
  • Annual property tax credit or rent rebate is available to residents age 65 or older.

New York Real Estate Property Tax Exemptions 

  • Owner-occupied primary residences exempt the first $30,000 of the full value of a home from school taxes.
  • Owner-occupied primary residences of senior citizens (age 65 and older) with yearly household incomes not exceeding the statewide standard exempt the first $56,800 of the full value of their home from school property taxes.
  • A homestead tax option is available to governing and taxing authorities to establish two separate property tax rates.
    • Lower tax rate for residential property owners (homestead tax)
    • Higher rate for all other property owners (non-homestead tax).

Rhode Island Real Estate Property Tax Exemptions 

  • Residents age 65 and older who earn $30,000 or less receive a tax credit of up to $250.

Massachusetts Real Estate Property Tax Exemptions 

  • A homeowner may shield up to $500,000 in equity in their primary homestead property from creditors.
  • Residents age 65 and older can claim a credit on state income taxes for the real estate taxes paid during the tax year on the residential property they own or rent up to $900. 

Pennsylvania Real Estate Property Tax Exemptions 

  • Residents age 65 years or older can receive a rebate of paid property tax or rent paid up to $650 per year.  Those eligible must also have income not exceeding $35,000. 

Ohio Real Estate Property Tax Exemptions 

  • A new (2007) homestead exemption offers eligible homeowners, regardless of income, the opportunity to shield up to $25,000 of the market value of their homestead (a dwelling and up to one acre of land) from property taxation.

For more information on property taxes in the State of Florida read my other blogs entitled:

Canadian Florida Property Owners Tax Information - an inquiry on how property taxes affect foreign nationals and citizens of the United States of America who live outside of the State of Florida.

Lee County Property Taxes - an analysis of State of Florida constitutional and legislative changes to real property taxation affecting residents and visitors to Lee County.

Cape Coral Taxes Decrease - a look into millage rate changes in the City of Cape Coral over the past ten years.

As always if you are looking to purchase or sell a home, or you have questions regarding a future transaction, I can be of assistance to you or someone you may wish to refer.

Search Cape Coral and Fort Myers Residential and Vacant Land.

I am able to assist buyers and sellers of properties throughout our market area here in Southwest Florida to include but not limited to Foreclosures, Pre-Foreclosures, Short-Sales, Vacant Land, Waterfront Properties, Single Family, Multi-Family, and Condos.

My market areas include Cape Coral, Pine Island, Fort Myers, South Fort Myers, Gateway, Fort Myers Beach, San Carlos Park, Island Park, Lehigh Acres, Estero, and areas surrounding Florida Gulf Coast University (FGCU) and Southwest Florida International Airport (SWFIA).

Please contact me direct at (239) 340-1384 or via e-mail Scott@The-Extreme-Team.com.

Scott Slocum, REALTOR®
Florida Future Realty Inc.
2816 Del Prado Blvd South, Unit 2
Cape Coral FL, 33904
Direct: 239-340-1384
Scott@The-Extreme-Team.com
Scott's Real Estate Web Page
Scott's Real Estate Blog

"Copyright © 2008 by Scott Slocum. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed without the written consent of the author." 

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