It's Tax Time!
By now all your New Year’s resolutions are firmly in place and working well, or maybe not. It is the New Year and with that comes certain things that need to be done if you own Real Estate.
The deadline for filing requests for exemptions and classifications of your property is March 1, 2017. If you have bought or sold property in 2016 you need to make sure the Property Appraiser’s office has the right information about your Real Estate transactions.
Any property you have purchased in 2016, that you feel qualifies for Greenbelt Classification, needs to have an application filed before March 1, 2016. Just because the property was Green Belted previously, it does not automatically transfer. You will have to contact the Property Appraiser’s office and fill out an application. Be sure you understand and meet the criteria for qualifying, before you apply.
If you have purchased a new permanent residence, you will need to file for Homestead Exemption. Your Tile Company may have filed the application at the time of closing, but from my experience not all closing agents offer this free service. If you do not have a receipt from the Property Appraiser’s office in your possession, call them and check on the status of your exemption. You may qualify for additional exemptions under Homestead.
If your spouse has passed away, please accept my condolences, you should apply for a widow or widower’s exemption. If you are over 65 years old and your income meets the requirements (low enough) you may receive, up to, an additional $25,000 exemption. These exemptions are set up to help those in need, but an application has to be filed. I urge anyone who knows of an elderly person who might qualify, to take the time to visit with those folks and make them aware of the tax relief they deserve. If you are a disabled, you may qualify for a partial or even a complete exemption from homestead taxes.
If you have purchased or sold real estate in 2016, be sure to provide the closing statement to your accountant or tax adviser. Parts of your closing costs are tax deductible. Profit from the sale of real estate may be taxable income. Remember if you sold your principal residence, which you have occupied for two out of the last 5 years, you and your spouse are tax-exempt for up to $250,000 profit ($500,000 total).
Even if you did not sell or buy any real estate, you still have a few things to check out. You might take this time to review you insurance coverage. It will take quite a bit more to replace your home than it did to buy it several years ago. Most insurance companies increase your coverage automatically each year, check to see if it is reasonable. If you built additions or made improvements to your home, be sure they are covered.
Now is a good time to get ahead of your outside maintenance. The grass doesn’t need cutting and most of your plants are dormant. The foliage should be trimmed away from the home. If plants grow too close to your home they provide a perfect environment for insects, such as termites, to thrive. Keep good airflow around the outside of you home and you will have a lot less problems with insects and mold.
Protecting their investment in real estate continues to pay remarkable dividends for homeowners. The market value of existing homes has set another record in 2016 and doesn’t seem to be a slowing in 2017. A few minutes of your time can keep money in your pocket and help secure the long-term investment you are making in your home and future. E. Wayne Wiggins Licensed Real Estate Broker
Wayne@Plantcityrealty.com
(813) 763-0200 cell
(813) 764-0840 office
Plant City Realty, Inc
208 W. Baker St
Plant City, FL, 33563
