Improvements increase your home’s value. A homeowner can also increase a home’s value through home improvements, thus both making your home more comfortable and enjoyable while growing its loan-to-value (LTV) ratio. For instance, adding a bathroom or finishing a basement substantially increases the property’s functionality and appeal, while potentially boosting its value. Tax advantages of home ownership. There are significant tax benefits associated with buying a house, both at the time of purchase and for the duration of time you own the home: In Florida, there are several property tax exemptions available to eligible homeowners that can help reduce their property tax burden. Some of the primary exemptions include: • Homestead Exemption: Florida offers a significant Homestead Exemption for primary residences. This exemption allows homeowners to exempt up to $50,000 of the assessed value of their property from property taxes. It applies to all property taxes, including school district taxes. • Additional Homestead Exemption for Seniors: Florida offers additional property tax benefits for seniors aged 65 and older who meet certain income requirements. The Senior Homestead Exemption provides an additional exemption of up to $50,000 for qualified seniors. • Disabled Veterans Exemption: Disabled veterans who were honorably discharged from military service and are at least partially disabled may be eligible for property tax exemptions ranging from $5,000 to complete exemption of property taxes, depending on the extent of their disability.
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