Property Tax Benefits for the Elderly and Disabled

Property taxes can be a significant drain on your resources. Fortunately, the state of Florida offers various property tax benefits for the elderly and disabled. They include exemptions and discounts for eligible residents. These benefits are designed to reduce the financial burden on eligible residents and provide them with tax relief. In this article, the Dade City elder law attorneys at The Law Offices of Laurie R. Chane will discuss property tax benefits for the elderly and disabled.

Who qualifies for property tax benefits in Florida?

Those who are older or have permanent disabilities can qualify for property tax benefits under Florida law. It is important to understand the options available so that you can take advantage of these benefits. In Florida, there are various benefits and exemptions, each having its own eligibility criteria. These include:

• Florida homestead exemption – This is the most commonly used exemption in Florida. The exemption can decrease the taxable amount of your property by up to $50,000. This will lower your real estate taxes considerably. Any individual who has a legal title to real estate in Florida and makes it their permanent place of residence is eligible for this exemption.

• Veterans disability exemption – Any Florida resident with a VA-certified disability connected to their service of 10% or greater is entitled to a property tax exemption of $5,000.

• Senior citizen exemption – Florida allows senior citizens who are 65 years of age or older to qualify for an extra exemption of up to $50,000 on their home.

• Widow/widower exemption – Beginning January 1st, 2023, a permanent resident of Florida can apply for an additional $5,000 exemption on property owned by a widow or widower.

These tax exemptions can help you significantly reduce your tax burden and lower the taxable value of your property. In other words, you would only have to pay property tax on the value of your property minus the exemption. For those with disabilities or elderly Floridians, these benefits can make a huge difference in the amount of taxes you are expected to pay. These lower property taxes can help you manage living costs and make home improvements.

Property tax benefits for seniors 

To qualify for tax exemptions based on your age, you must be 65 years of age or older, be a permanent Florida resident, and occupy the property as a primary residence.

Property tax benefits for the disabled 

To qualify for tax exemptions based on disability, you must have a permanent disability according to the definition set by Florida law. You must be a permanent resident of the state of Florida and you must occupy the home as a primary residence.

Talk to a Dade City, FL Elder Law Attorney Today 

The Law Offices of Laurie R. Chane can help you reduce your tax burden to the state of Florida and qualify for several tax incentives offered by our home state. Call our office today to schedule an appointment, and we can begin discussing your interests immediately.