• Widow/Widower Exemption: Surviving spouses of deceased veterans or first responders may qualify for property tax exemptions. • Disabled First Responders Exemption: This exemption provides property tax relief for first responders who become totally and permanently disabled in the line of duty. • Exemptions for Deployed Military Personnel: Members of the military who are deployed in certain situations may receive property tax exemptions. These exemptions have specific eligibility criteria, application deadlines, and required documentation. Homeowners need to apply for these exemptions with their county property appraiser's office. It's crucial to review the eligibility criteria and deadlines for each exemption to ensure proper application and receipt of the tax benefits. As tax laws and exemptions can change, it's advisable to check with the local county property appraiser's office or a tax professional for the most current and accurate information regarding property tax exemptions in Florida. • Federal tax deductions. When you’re looking to purchase a home, it’s important to understand what can be deducted on your tax return and what can’t. Property taxes and interest paid on your mortgage can be deducted if you itemize your federal income taxes, which can reduce your income tax burden. Many home buyers, unfortunately, overlook the effect of mortgage interest on their federal income tax payments. Mortgage interest can be a powerful financial planning tool. Calculate the amount of mortgage interest deductions you are eligible for, and include that in your annual financial planning. Then, make a point of checking Internal Revenue Service 22
Powered by FlippingBook