After the Sale Items to Consider in Florida

Florida

Florida (Photo credit: scottkellum)

There are several things to consider after the sale in Florida.  These include but are not limited to warranties, major purchases, and tax exemptions.   Some of these items include the following:

  1. Most warranties require that you call them before hiring a subcontractor or they will not pay for the repair.  In other works, most warranty companies have their own contractors with negotiated prices that allow them to limit their downside of repair items.  New home builders typically give up to one year on all items.
  2. You can purchase that new furniture for your home now.  Prior to closing on your home, a lender will run a second credit check to see if your debt-to-income ratios are still within range.  Thus, it is very important not to buy any furniture or cars prior to closing on your home.
  3. One of the best benefits to Florida home owners is the homestead exemption.  There are several exemptions available to property owners (i.e. homestead exemptions, widow or widower exemptions, totally and permanently disabled exemptions, blind exemption, quadriplegic exemption, veteran exemptions, etc.). Florida Amendment One, also known as the “Portability of Save Our Homes” Amendment, was a constitutional amendment on the on the January 29, 2008 election ballot in Florida that was approved. The original “Save Our Homes” Amendment was passed in 1992 and took place in 1995. That measure put an annual cap of 3 percent on increases in assessed home values for property taxes. However, a loophole in the Save Our Homes Amendment lost the property tax cap for Floridians who move to a new home. This “portability” measure closed that loophole. With respect to homestead property, this revision: (1) increases the homestead exemption except for school district taxes and (2) allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits to their next homestead. With respect to nonhomestead property, this revision (3) provides a $25,000 exemption for tangible personal property and (4) limits assessment increases for specified nonhomestead real property except for school district taxes.[1] Any widow or widower who is a Florida resident may claim a $500 exemption. A Florida resident who is totally and permanently disabled may qualify for a $500 exemption. A Florida resident who is blind may qualify for a $500 exemption. Real estate used and owned as a homestead by a quadriplegic, less any portion used for commercial purposes, is exempt from all ad valorem taxation. Taxes are assessed as of January 1 of each year and are normally due and payable on November 1 of that year (a 4% discount is applied) and pay the taxes before April 1 of the following year. Taxes become delinquent April 1 at which time 3% interest and advertising costs are added.

[1] NO. 1 CONSTITUTIONAL REVISION ARTICLE VII, SECTIONS 3, 4, AND 6 ARTICLE XII, SECTION 27

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