Real Estate Tips January 24, 2024

Tax Benefits of Owning a Home

What are the tax benefits of owning a home? Homeownership comes with many financial advantages and perks.  These advantages include the ability to build home equity, leverage your borrowing power, and numerous tax benefits.  Let’s talk about the tax benefits.

Additional Property Tax Savings:

If you live in Okaloosa or Walton County, you can save on your property taxes.  Homeowners can claim a Homestead Exemption.  This not only reduces the amount to property taxes you will owe each, it also limits how much your taxes can increase each year.  In addition to the Homestead Exemption, there are numerous other exemptions that you may qualify for.  The deadline for applying for 2024 is March 1st.  These include:

Additional Exemption for Persons 65 and Older (Senior Exemption), Widow/Widower Exemption, Exemption for Blind Persons, Disability Exemption, Totally & Permanently Disabled Persons, Disabled Ex-Servicemember or Surviving Spouse, Totally & Permanently Disabled Veteran or Surviving Spouse,  Disabled Veterans Confined to Wheelchairs, Surviving Spouse of Veteran Who Died While on Active Duty, Surviving Spouse of First Responder Who Died in the Line of Duty, Totally & Permanently Disabled First Responder or Surviving Spouse, Veterans Age 65 and Older With Combat-Related Disability, Deployed Servicemembers.

What are the tax benefits of owning a home?  There are a lot.  Take advantage of them – who doesn’t like to save on taxes!  Happy Tax Day!