Understanding Florida’s Homestead Law

You’ve just bought a home in Jacksonville, and you’re wondering how to save on property taxes or protect your family from unexpected legal challenges. Or maybe you’ve owned your home for years and want to ensure it passes smoothly to your heirs without expensive legal hassles. These are the kinds of situations where Florida’s Homestead Law can really make a difference.

At Atlantic Coast Title & Escrow, our Jacksonville, Florida real estate attorneys help homeowners like you understand the protections your property has. From creditor protection to tax savings and estate planning, we’re here to guide you.

What Is Florida’s Homestead Law?

Florida’s Homestead Law is one of the most homeowner-friendly laws in the nation, offering unique protections for primary residences. It provides three key benefits:

• Tax Relief: Lower your property taxes with the homestead exemption.
• Creditor Protection: Shield your home from most debt collection efforts.
• Estate Planning Advantages: Pass your home to your heirs outside of probate.

To qualify, you must meet specific criteria:

• The property must be your permanent residence as of January 1 of the tax year you’re applying for the exemption.
• You must be a permanent Florida resident.
• The property must not exceed half an acre if it’s inside city limits or 160 acres in rural areas.

Our team will review your property to confirm it meets the requirements and help you take the necessary steps.

Save Money with the Homestead Exemption

The homestead exemption is a powerful tool for reducing property taxes. Here’s what it offers:

• Basic Exemption: Reduces the taxable value of your home by up to $50,000.
• Additional Exemptions: Seniors, veterans, and individuals with disabilities may qualify for further tax relief.
• Save Our Homes Cap: Limits the annual increase in your property’s assessed value to 3% or the rate of inflation, whichever is lower.

For example, if your home’s market value increases by 10% in a year, the Save Our Homes cap ensures your tax bill only reflects a 3% increase. This protection helps you budget for the future, even in a booming real estate market. Our attorneys can help you apply for the exemption and ensure you’re maximizing your savings.

Protect Your Home from Creditors

One of the strongest features of Florida’s Homestead Law is its protection against creditors. Here’s how it works:

• What’s Protected: As long as your home qualifies as a homestead, it’s shielded from forced sale to satisfy most debts, like credit card or medical bills.
• What’s Not Protected: Obligations such as property taxes, mortgages, HOA fees, or contractor liens are not covered and may still lead to foreclosure.

For instance, if a creditor wins a judgment against you, they cannot force the sale of your homestead property to collect the debt. Our attorneys will guide you in understanding these protections and help you secure your home.

Streamline Estate Planning with Homestead Protections

Florida’s Homestead Law doesn’t just protect your home during your lifetime—it can also make passing it to your heirs much easier. By properly designating your property as a homestead, you can ensure it avoids probate and is transferred directly to your beneficiaries.

• Automatic Protections: If you’re married or have minor children, Florida law restricts how you can distribute your homestead, prioritizing family protections.
• Lady Bird Deeds: Also known as Enhanced Life Estate Deeds, these tools allow you to retain control of your property while ensuring it passes smoothly to your heirs.

This not only simplifies the process but can also save your family significant time and legal expenses. Our attorneys will help you integrate these protections into your estate plan.

Get Real Guidance for Your Real Estate Transactions

Florida’s Laws can be powerful tools for buyers and sellers. Get experienced guidance from Atlantic Coast Title & Escrow, let us help you through the buying or selling process with confidence and clarity.