Property Tax Relief In Florida

The Florida State Legislature just passed laws extending for one year the temporary remission of several tax credits,such as the Special Property Tax Credit (SPTC). These include: the homestead property tax credit,the nonrefundable percentage portion of the real property tax credit,and the property tax incentive tax credit. The homestead property tax credit is designed to promote home ownership and is scheduled to end in July 2012. Although this credit was scheduled to end,the Florida House and Senate have voted to keep it going through at least July 2013. In addition,the House recently passed a bill that would extend the rehabilitation tax credit,or the second time homebuyer tax credit,through July 2013 also.

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One aspect of the recent congressional budget deal that may affect you if you’re looking for Florida tax relief is the across-the-board cuts to the state income tax rate. Although the final numbers aren’t known,many expect the rate to be at the national average or slightly lower. You may be affected if you’re currently paying too much in Florida state taxes because of the across-the-board cut. This can include personal property,alimony,child support,and some retirement income.

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On the flip side,the property taxes that are paid in Florida are among the lowest in the nation. In fact,some people say that there is more property tax relief in the state than in any other state in America. If you want to take full advantage of your property tax savings and get the maximum benefits,consult a qualified financial professional who deals specifically with Florida tax relief issues. He or she will be able to help you obtain the most favorable tax relief options,and provide sound advice on how to maximize your savings. With a little education and research behind your choice of tax professional,you’ll be able to quickly find the right kind of help for your Florida property

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