Election day 2018Election day is Tuesday, November 6, 2018, and Boca Raton real estate owners face some decisions. There are 12 proposed amendments on the ballot in Florida, two of which affect homeownership and property taxes. Following is a summary of these proposals:

Amendment 1: Increased Homestead Property Tax Exemption

This proposal grants an additional $25,000 Homestead Exemption for properties valued over $125,000. There are also some increases for properties between $100,000 and $125,000. This would apply to all levies other than school districts and would take effect January 1, 2019.

If this amendment, commonly referred to as the “Third Homestead”  is approved by voters, it will be worth an additional $200-300 (approximately) tax savings for those…

1219 Views, 0 Comments

Florida is one of only seven states that does not have an income tax, the others being Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming. Florida has been a popular retirement destination for years because of its great location and climate, but as more people are able to work remotely, the no-tax incentive is attracting non-retirees as well.

Now there is even more of an impetus for people to relocate to Florida with last year’s Tax Cuts and Jobs Act, which limits the deductibility of state and local taxes (SALT) starting in 2018. Some of the states with the highest income taxes are California, New York, and New Jersey. With rates ranging from close to 9% up to over 13%, the inability to deduct these taxes strikes a huge financial blow to…

1059 Views, 0 Comments

It’s that time of year again! A New Year means that tax season is right around the corner. Whether you do your taxes yourself or use a professional, there are some valuable deductions and exclusions if you own a home. Here are some of them:

Home Mortgage Interest

Taxpayers that have a mortgage on their property and itemize their taxes can deduct the amount of mortgage interest paid during the tax year. You will receive a statement from your lender, a Form 1098, which will show not only the interest you paid during the year but any deductible points paid as well.

Real Estate Taxes

Additionally, you can deduct the amount of property taxes that you pay in the calendar year. You must have paid them either directly to the Tax Assessor, through a…

1897 Views, 0 Comments

Property Tax Exemption for Homestead Property - What is it?

TaxesIf you own property in Florida as a permanent residence, then you may be eligible to receive a homestead exemption. The homestead exemption, in most cases, grants an $50,000 exemption from the assessed value of your house for tax purposes. This valuable benefit could save you close to $1,000 per year in property taxes. Additionally, the assessed value (the value the Property Appraiser uses to calculate the property tax) of your home cannot increase by more than 3% per year.

What you need to file

For first time filers, the deadline to file is March 1 for that year's taxes. Once you are granted Homestead Exemption, it automatically renews. You should be prepared to answer these questions:…

2273 Views, 0 Comments

Amendment 4....It's all the buzz....
You’ve seen the signs all over; what do you think? How will you vote on Amendment 4 on November 2nd? It is only a few days away. At first glance, Amendment 4 seems to give more power to the voters. This seems innocuous, doesn’t it? Isn’t that just what America has been built on? Democracy for the people, by the people. What could be wrong with this? Opponents are calling it the “Vote on Everything” initiative. They are saying that Amendment 4 advocates just want to stop growth at any cost and turn development projects into political campaigns for the benefit of special interest groups. For any technical change of land use and for every revision to every plan, and we know that often major land development plans…

2075 Views, 1 Comments

blog_pic_1_512_01 This lake front beauty in Bellaggio, an active adult community in Lake Worth, was just sold by our buyer's specialist, Karen Rothstein. This full featured home came with all the modern amenities! Walk into this home onto gorgeous diagonally set 18 inch floor tile. The eat in kitchen is ultra modern with 42 inch upper cabinets, black cosmic granite counters, under cabinet lighting, and a drop-in flat top range with slide out drawers. Architectural features are found throughout this 3 bedroom home including columns in the living room and a coffer ceiling in the luxurious master bath. A spacious screened-in patio with panoramic water views complete this outstanding home which sold after being on the market for less than 3 weeks!  This home was…

2257 Views, 0 Comments

Property Tax Good GriefBeginning Monday, August 23, 2010, the Palm Beach County Property Appraiser’s office mailed the proposed property taxes for 2010. In the notice, there is a breakdown of millage rates , the property’s assessed and taxable values (as of January 1, 2010), and any exemptions applied. Read your notice closely. Although unfortunately millage rates have gone up in most areas, the values have declined. (example: I am an owner of Boca Raton Real Estate. My market value declined 10%, however my tax bill increased because the local taxing authorities increased their millage rate.) If you disagree with the value, or an exemption has not been applied, you have between now and September 16, 2010 to file a petition. With property values plummeting in the area, many…

3823 Views, 0 Comments


An amendment to the Florida Constitution was recently passed which will bring about the following changes to the Florida property tax system.

  • $50,000 HOMESTEAD EXEMPTION: Properties which already have a Homestead Exemption will be automatically upgraded to the new $50,000 benefit (it was $25,000 in the past). New homeowners still must file a first time application.
  • PORTABILITY: Property owners with a Homestead Exemption currently receive a benefit known as a "Save our Homes" cap. This benefit works by limiting the increase of the assessed value of the home to a maximum of 3% regardless of the increase in property values. Under the new law, homeowners will be able to transfer this…

3483 Views, 0 Comments