Florida Property Tax Discounts For The Elderly and Disabled // Elder Needs Law

Florida Medicaid Planning Attorney, Jason Neufeld teaches you how to SAVE MONEY by applying for all of the real estate tax breaks that you are entitled to! ↓ https://www.elderneedslaw.com/blog/pr...

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Transcript:

As a Florida elder law attorney, people come to me because I can help find them resources that they didn't realize they had access to. Usually this is is part of my Medicaid planning practice. But the point of this video is to show you how you can unlock some savings, save some money by applying for all the real estate tax breaks and tax exemptions that you're that you're entitled to, that are not always so commonly well known. And I'm making this video at the request of one of our YouTube channel fans, Nancy, Nancy, thank you, you always share our stuff. And you always express your appreciation for the information. So this one's for you. And thank you for for your support.

So the first property tax exemption is the big one that probably everybody knows about, but it's the basis of what these other tax breaks stem from and that's of course, the homestead property tax exemption. That's by far the most popular and essentially, if your home is worth more than $75,000, you're entitled to a homestead exemption of $50,000 for the year that you were living at the residence as of January 1 of that year. So that's most people already know about that most people have already applied about that.
But now I want to get into some additional homestead exemptions that you can apply for if you are a senior citizen over the age of 65. So there is a another program that will allow through your property appraiser's office, that will allow you to apply for an additional 25 to $50,000. So on top of the initial homestead exemption of 50,000, you can get another 25 to 50 reduction in your property's taxable value. If you're over the age of 65. And you have and you qualify for your county's low income threshold your DD low income typically it's in the 3030 to $35,000 range but not all Florida counties follow the same standard and not all Florida counties actually have the exemption in the first place. We'll call your your local property appraiser's office to see if your county has a low and additional low income senior tax exemption.

And I'll tell you something, a lot of people get nervous when they call a government office. And oftentimes, you know, that's well found that but I have found property appraiser's office to be very helpful and friendly. So don't be shy about calling them up and saying, Hey, how do I qualify for this additional tax break? Because it can be very meaningful? So again, yeah, no, no, not every county has this additional tax break. But it's still worth exploring. What will happen though, if you're if your county is participating in the program, they're going to ask for the household income for everybody though. So it's not just you, the person applying or maybe not even just the homeowner, but anyone living in that house, they're going to add up all the family's income together. And if it's higher than the income threshold, then you won't qualify for that additional tax break.

And you have to apply for this every year, you're gonna be asked to prove your low income every year. So you know, someone gets a job. In one year, maybe maybe you lose this tax break. Another another program that not a lot of people know about is there's a homestead assessment reduction if you build a living quarters for parents or grandparents. So essentially, if you this is for folks who you know it, the idea is let's keep our loved ones out of an assisted living facility or out of a nursing home. ....