I have had 3 properties (2 Buyers, 1 Seller) in Coconut Grove go under contract in the last 2 weeks. Buyers seem to be motivated by the fact that if they close before 2009 they will secure their $25,000 Property Tax Homestead Exemption. You must "Reside" in your home on January 1st, to be eligible to claim the exemption.
The following is taken from the Florida Department of Revenue:
"Every person who has legal or equitable title to real property in the State of Florida and who resides on the property on January 1 and in good faith makes it his or her permanent home is eligible for a homestead exemption. If title is held by the husband alone, a wife may file for him, with his consent, and vice-versa. If property is held by the entireties, one spouse may file as agent for the other.
If filing for the first time, be prepared to answer these questions:
- In whose name or names was the title to the dwelling recorded as of January 1?
- What is the street address of the property?
- How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter's Registration will be proof of date before January 1.)
- Do you have a Florida license plate on your car and a Florida driver's license?
- Were you living in the dwelling on January 1? "
The time period to file for your homestead exemption runs from January 1st to March 1st. Don't forget, when filing for the first time, you must present your application in person to the Property Appraiser's Office.
View this post in its original form at: The Real Estate Coconut: Cracking Open The Coconut Grove Real Estate Market.
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