Constitutional Protections in Florida Offered by Homestead Exemption
About Homestead Exemption
Residents of Florida are exempt from paying taxes on the first $25,000 of the assessed value of their property, provided they file for the exemption between Jan 1st and March 1st. Contact the Tax Collectors Office for the county in which you reside. Filing need be done only once so long as you continue to live on the property.
In Florida, our home is truly our castle- a castle that is impenetrable by creditors. The Florida Constitution exempts homestead property from levy and execution by judgement creditors. Florida courts have liberally expanded the definitions of homestead property which includes more than just a single family home. Condominiums, manufactured homes, and mobile homes are also afforded homestead protection. The Constitution defines homestead as one's principal residence up to one-half acre within a municipality and up to 160 contiguous acres in any county in Florida. To qualify for homestead protection, a debtor must be a Florida resident and must reside on the homestead property by December 31st of the year before filing. Must then file between Jan 1st and March 1st.(see phone # below)
What makes Florida's homestead protection such a powerful asset protection feature are its unlimited monetary protection. A Florida resident can invest millions of dollars in large estate homes and farms and protect the full value of these luxury residences under the protection of Florida's homestead provisions. Under a Florida Supreme Court ruling, a person can transfer unprotected, non-exempt assets to his homestead at any time by either buying a new home or reducing the principal balance of an existing mortgage and protect his money under the homestead umbrella, even if the asset transfer was clearly designed to hide money from creditor claims.
Automobile Plates and Registration Vehicles are registered by the owner's birth month ? Fees are determined by the vehicle's weight. A delinquent fee is charged if not renewed by the tenth day of the following month. New residents must register their vehicles within 10 days of establishing legal residency, accepting employment or enrolling their children in public school. For more information, contact: Boats Tags & Title
All motorized vessels must be titled and registered before they can be used in Florida. Fees are determined by the vessels' length. Registrations are renewed in June and expire on June 30 of the following year. First time vessels registered between January and May 31 are eligible for six months free.
Taxes: Cars and Boats Residents are required to pay taxes, register automobiles and boats and purchase fishing licenses. Florida has no state income or inheritance taxes. The retail sales tax is 6 percent. There is no tax on food or prescription drugs.
Drivers License Drivers must apply for a Florida driver's license no later than 30 days after starting a job, declaring residency or enrolling a child in school. Bring an out-of-state license and one other form of ID.
Occupational License The Tax Collector issues county occupational licenses, required of anyone providing merchandise or service to the public. Occupational Licenses ? (386) 561-2100
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