Article provided by: Harold J Blotcher EA Tax Service
Tax Exemption In Palm Beach Florida
Owning your own property is a dream everyone entertains, what you may not know is that in Florida, the state tries to make this dream a bit more of a wonderful one. Every home owner has to pay a form of tax on their property in the form of property tax exemptions. Now that seems enticing, right? Are you beginning to think of moving to Florida, possibly to purchase a property you can finally call your own? The good news is that you can find out before hand if you are eligible for the exemptions the state gives out to some of its property owners.
The truth is, most of the property owners qualify for tax exemptions on their property while others who may not qualify get some relief as a result of some other circumstances that they may find themselves. It may be that they suffer some disabilities, are veterans or are senior citizens. And residents of Palm Beach also are eligible for these Palm Beach tax relief. The truth is while this Palm Beach tax relief doesn’t exempt you entirely from tax, it surely will go a long way in bringing some relief to your pocket, freeing up cash for some other endeavors you may need to attend to. So what are some of the Palm Beach tax relief you can enjoy? Here are some of them.
Tax relief up to $500 is available to widows and widowers only if they do not remarry. In cases of spouses who lost their mates in times of emergency as first responders, such spouses are totally exempt from homestead property tax.
Senior Citizen Exemption
To enjoy this Palm Beach tax relief, you will have to be over 65 years old. In addition, your annual income should not exceed the limitation on earnings for senior citizens. The tax relief amounts to about $50,000 and is more for property owners who have held their properties for more than 25 years and whose properties are valued at $250,000.
Under the veteran exemption, you have different categories. It could be the veteran disability exemption, total veteran disability exemption, active duty veteran exemption, and combat injury discount. All these exemptions have their various amounts offered as a relief. In some cases the exemption will be total, in others, the exemption may just be a percentage. Please be sure to find out which you qualify for.
There are exemptions for the blind, for quadriplegics, and for permanently disabled persons. For those declared legally blind, they enjoy tax exempt up to $500, the same goes for the permanently disabled. For quadriplegics, they enjoy total tax exemption on their property.
As a property owner in Palm Beach, or someone looking to own property in Palm Beach, knowing about these exemptions and receiving good advice on how to access these reliefs is very vital. As mentioned earlier, you can do with some more extra cash, and a tax relief is actually a relief for you financially. Please do take advantage of all that Palm Beach has to offer.