Homestead Exemptions on Florida’s Emerald Coast
Harassed by Creditors? Call an Emerald Coast 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.
Find out more about how a homestead exemption may be able to help you!
Call Chesser & Barr, P.A. today at 850.640.7471 to
schedule a consultation!
Who is Eligible?
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.
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
- 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.
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 Emerald Coast 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!