Oct 082012
 

Last week, the Florida Supreme Court unanimously ruled that foreigners and out-of-state residents may qualify for the homestead exemption from property taxes found in the Florida Constitution when their home is the permanent residence of a dependent who is eligible for the homestead exemption. The case involved David and Ana Andonie, who migrated to Florida from Honduras on investment visas, and were denied a 2006 homestead exemption on their $1 million home despite the fact that their three minor children were born in Miami, were U.S. citizens, and had never resided outside the State of Florida.  The Miami-Dade Property Appraiser More…

Sep 252012
 
Overview Of The 5 Tax Amendments On The 2012 Florida Ballot

Included among the eleven measures which are set to appear on the November 6 ballot are five that will give Florida voters the opportunity to put more tax breaks into the Florida Constitution.    Here is a brief overview of each amendment: Amendment 2 – also known as the Florida Veterans Property Tax Amendment would amend Article VII Section 6 (Homestead exemptions) of the Florida Constitution to expand property tax discounts for disabled veterans.  As written now, the Constitution only provides a deduction if the disabled veteran was a resident of the state at the time of entering the military service.  More…

Aug 102012
 
Florida TRIM Notices Come Out In August; Owners Have 25 Days To Appeal A Property Value Determination

It’s that time of year again.  Florida property owners can expect to receive a Notice of Proposed Property Taxes, also called a Truth in Millage (TRIM) Notice, mailed by mid-August.  This is not a bill, but rather an estimate of property taxes based on proposed tax rates, property value, and applicable exemptions (e.g. homestead).  The TRIM Notice contains several important pieces of information, such as: Property reference by key number, parcel number and abbreviated parcel description. A list of the taxing authorities which levy taxes on the property. Information regarding non-ad valorem assessments commonly known as MSBU’s (Municipal Service Benefit More…

May 312012
 
Why Florida Is A Great Tax State For Retirees

Earlier this week we talked about the recent survey  which ranked Florida among the three states to do business in tax-wise.  Now it is time to discuss why Florida is a great state for retirees as well. While people certainly enjoy the year round sunshine, sandy beaches, and copious availability of world-class golf courses, it is Florida’s generous tax structure that truly makes it a great retirement destination.  This is primarily because Florida residents pay absolutely no income tax or intangibles tax (a tax on the value of intangible personal property, such as stocks, corporate bonds, mutual funds, U.S. government More…

May 092012
 
Florida Supreme Court Hears Case For Denying Homestead Exemption To Non-Residents

On Monday, May 7, the Florida Supreme Court heard arguments in a case involving a Honduran couple that could have major implications for all non-residents of Florida who wish to establish homestead and reduce their ad valorem property tax obligations within the state.  The case involves David and Ana Andonie, who migrated to Florida from Honduras on investment visas and were denied a 2006 homestead exemption on their $1 million home despite the fact that their three minor children were born in Miami, were U.S. citizens, and had never resided outside the State of Florida.  The Miami-Dade Property Appraiser argued More…