Attention Sanibel, Captiva, Fort Myers and Southwest Florida homebuyers who want to make a Florida home their primary residence: close on your home before December 31 to potentially take full advantage of a proposed expansion of the state’s homestead property tax exemption.
Florida voters will decide Amendment 3, titled “Increased Homestead Exemption; Lower Cap on Increases in Non-Homestead Property Assessments,” in the November 3 election. The proposed constitutional amendment requires approval from at least 60% of voters.
If approved, the amendment would exempt qualifying homesteaded property owners from non-school property taxes on the first $150,000 of assessed value beginning January 1, 2027. The exemption would increase to $250,000 January 1, 2028, with annual inflation adjustments beginning in 2029.
Importantly, those who establish Florida residency after December 31 would have to wait five years to receive the increased homestead exemption. During that period, qualifying homeowners would remain eligible for the existing $50,000 homestead exemption.
A balanced, or neutral, real estate market is generally characterized by enough inventory to meet buyer demand without giving either buyers or sellers a significant advantage. Lower inventory tends to favor sellers, while higher inventory generally gives buyers more choices and negotiating power.
Southwest Florida experienced an unusually strong seller’s market during the COVID-19 pandemic as demand surged and available inventory tightened. Although interest rates remain a question mark, the Homestead vote in November, if approved, will create strong, long-term, money-saving opportunities for buyers who act now.
For your best real estate experience, call on Milissa Sprecher Realtor® and her associates today!
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