2010 Benefits of Sarasota Home Ownership
Posted by Bill True on
1) 2010 Florida Homestead Exemption- To qualify, your home must be your primary residence more than 6 months per year. You will be asked to prove residency with a valid Florida drivers license and/or voters registration card. This exemption allows for the deduction of $50,000 from the assessed value of your home before taxes are calculated. Once homesteaded, the property also qualifies for the Save our Homes Cap, which may save you thousands over the years as the market recovers.
2) 2010 Home Mortgage Interest Deduction- In most cases you can deduct the interest you pay on a loan secured by your home, regardless of if it is a first, second or even third mortgage. Home equity lines and lines of credit are also eligible.
3) 2010 Deduction for Real Estate Taxes - Your real estate taxes are fully deductible. This applies regardless if the taxes are imposed by state, county, city, township or other government body.