Fort Lauderdale Homeowners May Get a Big Tax Break in 2018
Fort Lauderdale homeowners may soon get a much needed tax break. Back in May, Florida lawmakers approved new legislation that would increase homestead exemptions, resulting in lower property taxes. Both houses of the State Legislature approved the new constitutional amendment that would increase the Homestead Exemption from $50,000 to $75,000. Now it is up to Florida voters to approve the amendment in next year’s election.
Good News For Homeowners, Bad News for City & County Governments
If the amendment is passed by voters, it would be the largest tax cut in state history at a whopping $645 million. Although the increased Homestead Exemption will help put more money in the wallets of Florida homeowners, critics say it could be a disaster for Fort Lauderdale and Broward County. Businesses, snowbirds and tourists will be expected to pay higher taxes, while police and fire departments could face cuts in basic services.
Over the years, Florida homeowners have experienced very few tax breaks. If approved, the proposed Homestead Exemption increase would be only the third time ever homeowners in Fort Lauderdale will experience a tax break. The benefits would make a huge impact on the lives of countless Fort Lauderdale residents, allowing them to save more money for paying their bills, mortgage, car payments along with clothes and school supplies for their kids. In order for the bill to pass, the amendment would need 60 percent of statewide voter approval in November 2018.
A Brief History of Florida’s Homestead Exemption
Back in 1934, the State Legislature created the Homestead Exemption to help countless people throughout the state who were on the verge of losing their homes for failing to pay their taxes during the Great Depression. At the time, the original Homestead Exemption was $5,000. It is currently $50,000. The Homestead Exemption allows the first $25,000 of a home’s value to be exempt from property taxes. The next $25,000 to $50,000 becomes taxable. To be eligible, you must be a U.S. citizen.
A Fort Lauderdale Tax Lawyer Can Help
There are many homeowners throughout Fort Lauderdale that owe back taxes to the IRS. Some are in danger of losing their property due to enormous tax debt. Failure to address back taxes can result in a tax lien, bank levy, wage garnishment or even a foreclosure. The situation can be overwhelming, but there are solutions. The first is to seek representation from an experienced and knowledgeable Fort Lauderdale tax lawyer.
For more than 30 years, Fort Lauderdale Tax Lawyer Ira Zuckerman has helped countless people through some of the most complex tax problems. He and his legal staff utilize an aggressive and comprehensive approach to help place each client in the best position to succeed. Florida tax law can sometimes get complicated. Do not take chances with your legal representation. Take the first step towards resolving your tax problems today. Contact the legal team at Zuckerman Law to schedule a free initial and confidential consultation.