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Capital Gains on Florida Real Estate

Tax Changes and Effects The new capital gains law allows homeowners to avoid paying taxes on the first $500,000 of profit if they are married or on the first $250,000 if they are single. You must have lived in the home as your primary residence for two of the last five years. You are allowed to use the provision as often as you like, as long as it fits in that two year period. Any gains above the limit will…

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Boca Raton Florida Property Taxes and the Homestead Exemption

The homestead exemption provision means that permanent residents don’t pay taxes on the first $25,000 of their home’s appraised value. You can reduce your ad valorem tax bill by seeking a homestead exemption on the first $25,000 of your home’s value. To file for exemption, establish residency by Dec. 31 prior to the year you will claim exemption, then file for exemption in January or February. Contact the Palm Beach County Property Appraiser at: 301 North Olive Avenue, 5th Floor…

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