The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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754-332-2101

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305-399-3832

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How Can Florida’s Homestead Exemption Benefit Me?

Posted on in Bankruptcy

Miami bankruptcy attorney homestead exemption

If your home or property is considered a “homestead,” there are numerous legal protections available to you. It is important to know the qualifications of a homestead if you are a Florida resident. For example, the benefits can save you thousands of dollars each year, as well as protect your home if you are on the verge of bankruptcy. In order to apply for homestead exemption, you must have the legal or beneficial title to your home on January 1 of the year in question. So, if you applied this year, you must have had the title by January 1, 2020. You must also permanently reside at this home—those with Florida vacation homes do not apply. The application for homestead exemption must be submitted between January 1 and March 1 at the property appraiser’s office in your respective county. This application need only be done once, as the homestead status will remain active unless you inform the property appraiser’s office otherwise.

Creditor Protection

If you find yourself in a significant amount of debt, you may be considering filing for bankruptcy. You likely feel pressured by your waiting creditors to sell your home and provide them with the proceeds to pay off your cumulative debts. While selling your home is an option, Florida law states that you cannot be forced to sell your home to pay off a debt if you are sued by a creditor. If you live in an unincorporated area, you can protect your home and up to half an acre of land from any forced sale. This protection also extends to anyone who inherits your home or property after you pass away. You should note that this homestead protection does not apply to those facing foreclosure, contractors’ liens, or past-due association fees. You may also be forced to sell your property in order to collect late property taxes.

Real Estate Taxes

Depending on the price of your property, you may be eligible for tax exemptions. A Florida property owner may be eligible to receive a tax exemption of up to $50,000, with the first $25,000 applying to property taxes (including school district taxes) and the second $25,000 is exempt from non-school taxes. The taxation of your property can be difficult to understand, but it is dependent upon the market value price of your property, as determined by an appraisal, and proper registration of your property as a Florida homestead.

Contact an Oakland Park Bankruptcy Lawyer

The thought of forcibly losing your home can be difficult to handle. Not only will you lose your residence, but you will also have to give up the place that holds special memories for your family. Luckily, many Floridians qualify for homestead exemption even if they do not realize it. That is why working with an experienced bankruptcy attorney is so critical because he or she can often provide you with solutions of which you were previously unaware. The Elliot Legal Group, P.A. assists families who are struggling to make ends meet and are considering filing for bankruptcy to pay off their accumulating debts. Our lawyer will help create a plan for you to legally pay off these debts without losing everything you own, including your house. For help with your case, call our knowledgeable Fort Lauderdale asset protection attorneys today at 754-332-2101 to schedule a private consultation.

 

Sources:

https://www.thebalance.com/a-quick-guide-to-florida-homestead-laws-3505371

https://floridarevenue.com/property/Documents/pt113.pdf

https://www.floridabar.org/public/consumer/tip006/#Your%20Home%20and%20Florida%E2%80%99s%20Homestea 

 

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