Homeowners Rights PT 2: Tax Exemptions

Owning a home and paying a mortgage is a strong dent to your budget, but there are many ways to alleviate the expense. We have previously explained some of your rights as a homeowner, and this week, we will be diving into a few more.

#1 Veterans Exemption:

In Florida: As a military veteran who is disabled to a degree of 10% or more you are entitled to a $5,000 reduction on property tax.

Senior citizen veterans and those honorably discharged can also claim some tax break benefits.

#2 Senior Citizen Exemption:

In Florida: Those ages 65 years and up, are eligible to an exemption of up to $50,000.

Also those senior citizens with low income may receive additional assistance

#3 Energy Efficient Exemptions:

Those who have made energy improvements to their home after January 1st, 2023 could be eligible for up to $3,200.

Florida has an “Energy Star” exemption for certain energy saving appliances.

#4 First-time Buyers Exemption:

For first time buyers, there is refundable credit.

10% of purchase price, at a max of $8,000.

$4,000 is married filing separately

The Florida Department of Revenue gives a semi-guide to first-time buyers on their site.