Lee County Homestead Exemption Laws
Over 1,000 people move to Florida every day according to
dmv.org. Not only are families relocating from other states
but they are also moving from other countries. Is this because of
the beautiful sand beaches, warm sunny weather, or miles of green golf
courses? It may just be because of the generous tax laws offered
to Florida residents.
The law states that Florida residents are eligible for a 25,000
exemption on the assessed value of their home. Those with an
assessed value of more than 50,000 are eligible for an additional 25,000
exemption, depending on the value of their property. The exemption can
only be applied to non-school taxes, and the property must be worth at
minimum 75,000 to be eligible for the entire exemption amount.
In addition to the homestead exemption we have the Save our homes
amendment which protects homeowners by limiting the tax assessment to a
maximum of 3% each year.
You may also qualify for one or all of these exemptions listed below.
- Widow/Widower’s Exemption $500.00
- Disability Exemption $500.00
- Veterans Disability Exemption $5,000.00
If you are a foreign buyer there is something to be aware of and that
is the FIRPTA withholding Rule. This stands for investment in
real property tax act of 1980. FIRPTA authorized the IRS to withhold
income tax on nonresident aliens and foreign corporations with sales of
US real property. When a person or corporation purchases a US real
property from nonresident aliens or foreign corporations, they are
required to withhold 10% of the amount. This tax is intended to ensure
that the US is able to tax the gains from the sale of property
Whether you are buying a new home or vacation home, moving
from another state or another country or just planning
to purchase an investment property,your taxes will always be
based on the assessed market value of your property. You will
never be penalized and made to pay higher taxes simply because you
are native to another place. The Homestead Exemption and
Save our homes amendment are offered to full
time Florida residents.
There are exceptions to all tax information listed above we
recommend visiting these sites for more detailed information.
Once you have made the decision to relocate to this beautiful
city of Cape Coral, contact our Florida Future Realty Team we are here
to assist you.
Yours in Success,
The Florida Future Realty Team