No matter where you live, state taxes are a part of life. States use the taxes collected from homeowners to pay for vital community infrastructure. In Florida, the state collects approximately $36 billion per year in general tax revenue, which is used for schools, health care assistance, environmental protection, and numerous other state-funded programs. Taxes on businesses, large corporations and merchandise, rentals and services make up the majority of this revenue, but Florida homeowners also make a significant contribution.
A clear understanding of Florida property taxes is an asset to any Florida home buyer. If you are considering a new home purchase in Florida, knowing the amount of tax you will need to pay, both at closing and on an annual basis, is an integral step in establishing a realistic housing budget. Certain taxes are assessed at the time of closing on your new home, while most annual taxes are deducted from your initial escrow account. An additional tax payment added to your monthly mortgage is used to replenish this escrow account each year.
Taxes due at closing
Whenever real estate is transferred in Florida, either by quit-claim deed, warranty deed, or a written obligation to pay (such as a mortgage) is filed, a Florida document tax must be paid to the County Clerk's Office if the document is files, and directly to the Florida Department of Revenue if the document is not filed.
The Florida home buyer will be assessed a Florida mortgage tax, which is typically $0.35 per every $100 of the home's value. A Florida State Mortgage Intangible Tax may also be assessed at an average rate of $0.35 per every $100 of the home's value. Taxable home value is calculated by using a fair market price estimate.
Ad Valorem (property) taxes
All Florida residents are required to pay an annual Ad Valorem, or property, tax. The amount of tax due each year depends on the taxable value of your home, and on your county of residence. A comprehensive list of property tax rates among Florida counties can be obtained from the Florida Department of Revenue.
Tax exemptions
For many Florida residents, tax exemptions help to lower their annual property tax bills. The primary exemption available in the state of Florida is the Homestead Exemption, but there are many others available. The Widow's and Widower's Exemption, The $500 Disability Exemption, and the $5,000 Disability Exemption, to name a few. Tax exempt amounts are deducted from the fair market value of the home.
Homestead Exemption
The largest tax exemption for Florida home owners is the Homestead Exemption. A Homestead Exemption allows you to deduct $25,000 from the fair market value of your Florida home. To qualify, you must be a Florida resident, the home in question must be your primary residence as of January 1st.
Applying for this exemption is relatively simple. First, you must obtain a Homestead Exemption from your local property appraiser's office. Standard application questions include: Name on property's recorded title, street address of the property, length of time title holder has been a Florida resident, confirmation that title holder has a Florida license plate and driver's license, and whether title holder resided at the property address as of January 1st.
Tax exemptions for disabled persons
The state of Florida offers several tax exemptions for those with permanent disabilities. Any Florida resident who is totally and permanently disabled may qualify for at $500 exemption. Residents who are ex-service members and who sustained at least a 10% disability in war or service-connected injury may apply for a $5,000 exemption on any property they own.
If you are an ex-service member who sustained an injury in wartime or service-related activities which let to a total and complete disability, you may be entitled to a complete tax exemption on your primary residence.
Property tax exemptions in the amount of $500 are available to blind persons residing in Florida.
Additional exemptions
Finally, property tax exemptions are available to widowed residents and residents over the age of 65. Florida Residents over the age of 65 who have an annual income of less than $20,000 may be entitled to an additional $25,000 Homestead Exemption.
Any widow or widower who can show permanent Florida residency is entitled to an additional $500 tax exemption. This exemption is revoked upon re-marriage.
For additional information on tax exemptions, qualifications, residency requirements and application forms, Florida residents can contact the county property appraiser, tax collector, or Florida Department of Revenue.
The Buzz on Sarasota's Nightlife
Sixty miles south of Tampa lay a little gem on the Western coast of Florida known as Sarasota. After a day of lounging on one of the 13 beaches that stretches over 35 miles of coastline, or discovering the rich and diverse culture along with the marine life, the day comes to a close but the nightlife is just beginning. Sarasota Florida has a nightlife that will appeal to the most discriminating of tastes. From the highly refined to letting it loose on the dance floor, Sarasota's nightlife has the right nighttime activity just for you.
Being culturally diverse, Sarasota can have a refined elegant evening waiting as you and your date take in a symphony by the Florida West Coast Symphony or catch the Ballet at the Sarasota Ballet of Florida. After the show you can dine in one of the many fine restaurants like Ophelia's On The Bay, located on Siesta Key where you can spend a relaxing evening dining on the Terrace overlooking Little Sarasota Bay sipping an exquisite wine and and tasting creative cuisines. Or, if you prefer a more local flavor, try the Rustic Grill that combines an old Florida flavor with global trends in downtown Sarasota.
Perhaps you are looking for great cuisine mixed with a bit of the Sarasota nightlife, look no further than Mattison's City Grill located on Main Street and Lemon. Enjoy award winning Chef Paul Mattison's exciting al fresco menu with an Italian flair. Sit outside on the patio and enjoy their great selection of fine wines with the sound of live music playing in the background while socializing with your friends.
Ready to dance the night away? Look no further than the old historic building on Main and Lemon, The Gator Club. The Gator Club was voted the best Nightclub in Sarasota by it's patrons. Gator Club offers style and fun with the dance floor downstairs where you can dance to the rhythm and blues and top 40's music. Want a more relaxed social atmosphere? Head upstairs to where you will find pool tables and a large lounge area allowing you to relax with friends while sipping on their large selections of scotch and whiskeys. Take the dancing out to the waters at Le Barge where you can dance the night away on the top deck of the boat where the entertainment is usually a solo performing artist, playing island type music like Jimmy Buffett in the cool Florida night air overlooking Sarasota Florida's famous tropical waters.
Finding great music is easy in Sarasota. There are many bars that cater to a great nightlife ranging from the best of local music to the national tour circuit. Take the 5 O'Clock Club, located in the Southside Village on Hillview Street, on any given night you can experience music from the sounds of Reggae to the more eclectic. Sarasota Florida's nightlife is briming with activity that caters to every type personality out there. So be prepared to eat delicious foods and dance the night away while listening to excellent music as you experience the nightlife of Sarasota!
Both G Beaty & Nick Clipton are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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