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Taxes and Homestead

Florida State Taxes & Homestead

Florida State Tax… None

There are numerous reasons to live in Florida including no State Income Tax. Many people have multiple residences in different states. You can have only one designated Primary Residence or Domicile. This is the address you put on your Federal Tax Return. 

You can pick the state you want to designate. You only pay state income tax in one state. Why not a tax-free state? Check with a Florida professional tax person and learn how.

There is no requirement that a certain number of days per year be spent in your designated Primary Residence.

 

Florida Homestead… Awesome!

Florida has one of the best Homestead laws in the country.

Here are just some of the important points…

  • Protection to surviving spouse or minor child is granted a Life Estate.
  • The County may not raise the assessed value more than 3% per year.
  • $25,000 deduction from Assessed Value before millage rate is applied.
  • Another $25,000 deduction for Non-School items before millage rate is applied. 
  • Additional deductions are available to Widows/Widowers, Disabled Veterans and others. Check with your County Tax Assessor for Details
  • Portability. If you sell your homesteaded home and move to another home inside Florida, you can take the accumulation of the 3% rule on the prior home and apply it to the new home. 
  • Each person is allowed one homestead nationwide. Couples check with the county and your tax professional on how each individual of a couple may or may not be allowed an individual homestead.
  • You can have multiple homes in multiple states, but you can have only one home homesteaded. 
  • You can choose the home you want to homestead if you designate it as your “Primary Residence” or “Domicile”.
  • Ways to prove your homestead is having a Florida Driver’s License, Voter Registration and / or file your Federal Income Tax using the homestead address.

This page is meant as a guide to help give you direction. The information contained herein is not guaranteed. Please talk with your financial / tax specialist. Also, contact the relevant County Assessor’s Office for current Homestead details and updates.

 

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