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Valuable New PropertyTax Exemption for Active Duty US Soldiers Serving Overseas

Author johnbsims3
Admin 

#1 - Posted: 19 Jan 2011 08:55 
Valuable New PropertyTax Exemption for Active Duty US Soldiers Serving Overseas

Florida voters in November 20 I0 overwhelmingly approved an additional' new tax savings for qualified active duty US soldiers. Over 80% of Broward County voters cast ballots in support of this amendment.

According to the wording of the amendment, these savings require further enabling legislation from Tallahassee before we can accept applications. This is expected to occur in Spring 20 I I, but it is currently unclear if this exemption will begin in 20 I I or 20,12.

We will post news updates on our website when the Florida Legislature completes the enactment of this new military exemption. Once finalized, it will grant added savings to individuals in the "United States military or millitary reserves, the United States Coast Guard or its reserves, or the Florida National Guard who receive a homestead exemption and were deployed in the previous year on active duty outside the continental United States, Alaska, or Hawaii in support of military operations."

The exempt amount for a year would be based upon the number of days in the prior year the homesteaded owner was deployed on active duty, divided by the number of days in the year. For example: the exempt amount for someone deployed for six months would be 50% of the taxable value remaining after all other exemptions have been applied. The Florida Revenue Estimating Conference reported there are 25,500+ military personnel statewide who claim Florida as their home of record and were deployed overseas last year on active duty in support of US military operations in Iraq and Afghanistan.

Related note: You are permitted under Florida law to keep your homestead exemption while renting out your residence when you are on active duty military status (documentation required).

Florida Exemptions, Laws and Statutes Florida Homestead Services -- Florida Homestead Exemption Act MiniBB / Florida Exemptions, Laws and Statutes /
Valuable New PropertyTax Exemption for Active Duty US Soldiers Serving Overseas
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