So, you’re finally ready. Ready to buy a home in the sunshine state. Lucky you! But did you also know that there are many benefits to buying a home in the land of palm trees and orange groves? Here are a few benefits of being a Floridian homeowner you may not know about.
Florida is one of only a handful of states in the nation with no state income tax. This can be a huge benefit for those new to the workforce or those on a fixed income. In addition, according to the Tax Foundation, Florida is ranked 29th in State and Local Property Tax Collections Per Capita and 34th in overall State and Local Tax Burden. State and local taxes are a very important aspect to consider when deciding if and where to buy your home.
Do you know about Florida’s Homestead Protection? No one plans to go into debt, but it can happen to anyone. Florida has some of the strongest Homestead protection laws in the country. According to Article 10, Section 4 of the Florida state Constitution, creditors cannot take your home if you have the Homestead protection, which you can obtain immediately upon buying your home. Some states require a waiting period before your home is protected. This protection extends to your loved ones if you are still in debt after you die. Hopefully, you will never need this type of protection but it’s good to have some piece of mind in this area. There are many details and exemptions to these laws; it is recommended that you contact a full-service title and escrow company like Siesta Title & Escrow Services LLC that can help you with your Florida homeownership questions. Give Siesta Title and Escrow a call today at 941-889-7744 with questions on this topic or with any other help you may need during the home buying or selling process.