Homestead Exemptions on Florida’s Okaloosa County
Harassed by Creditors? Call an Okaloosa County Real Estate Attorney!
Property tax is a significant financial burden every year. For some people, including homeowners who are retired and on limited income or had their spouse pass away, they may not be able to afford these taxes. Real estate law has a provision for these situations, known as a homestead exemption.
How Do Exemptions Work?
Exemptions allow you to exclude a certain portion of your property value from the value that you pay property taxes on. Say you own a home that’s worth $500,000. If you get an exemption for $50,000, the actual property value that you would be taxed on would be only $450,000. This can potentially save you hundreds or even thousands of dollars on your property tax burden.
They can also be used to protect a homeowner’s spouse from being forced to sell their home by creditors after the homeowner dies. This allows the spouse to continue living in their home, but does not eliminate the debt.
Who Is Eligible for a Homestead Exemption?
Florida has some of the broadest debtor protection and homestead exemption laws in the United States, however there are a few qualifications you must satisfy. Exemptions are only for primary residences, not vacation or investment homes.
Likewise, while Florida has no limit to the value of the property, it must be no bigger than ½ acre inside a municipality or 160 acres outside of one. Generally, the only people who qualify for the exemption on a property are the mortgage or title holders, or their spouse after they pass away.
Creditor Objections to Homestead Exemption
Creditors can object to the exemption and continue to force the sale for a few reasons:
- To collect on behalf of the state for past-due property taxes
- To collect on behalf of mechanics who improved or worked on the property and are owed money
- To collect on behalf of creditors whose lien pre-dates the purchase of the property
- To collect on behalf of parties to whom the property was pledged as collateral for a mortgage
When you are facing one of these objections, it is important to seek out an attorney who can put the law to work for you and help you keep your home.
How Chesser & Barr, P.A. Can Help
At Chesser & Barr, P.A., our team has the skills and experience you need on your side to stand up to your creditors and fight for your own well-being. We recognize the stress you could be facing when dealing with a real estate law issue, which is why our Okaloosa County real estate lawyers work hard to achieve the best possible outcome on your behalf in the most cost-effective manner.
Don’t let creditors force you out of your home without contacting Chesser & Barr, P.A. today!
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