Live the Lifestyle in a 55+ Active Adult Community

Ocala, Florida is an excellent place for 55+ homebuyers due to its appealing characteristics. One significant factor is Florida's tax-friendly nature and its favorable year-round weather. Additionally, Ocala is a great location as it has been a popular destination for retirees for many years. The city provides a range of leisure activities, exceptional healthcare facilities and access to modern amenities.
Ocala is also home to several affordable 55+ communities with a range of house options, sizes, and prices. For instance, Oak Run is a 55+ community with affordable homes offering an array of features such as bedrooms, attached garages, and modern amenities, all at reasonable prices. Ocala's property market also presents excellent opportunities for real estate investment as its property prices are typically lower than most other popular Florida metropolitan areas.

John Whipple at (352) 598-3570 / Email John / Realtor, SRES, ABR, PSA - RE/MAX Foxfire Realty

Sheila McKathan at (352) 895-8648 / Email Sheila / Realtor, GRI, SRES - RE/MAX Foxfire Realty

• About Ocala
• Ocala Preserve
• Stone Creek
• JB Ranch
• On Top of the World
• Oak Run
• Summerglen
• Ocala Palms
• Palm Cay
• Spruce Creek Preserve

Non-Gated Communities
• Marion Landing
• Spruce Creek North
• Cherrywood
• Pine Run

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Florida's homestead exemption is a legal provision in the state of Florida that provides certain protections and benefits to homeowners who make their primary residence (homestead) in the state. The Florida Constitution grants this exemption, and it has several key aspects and benefits:

1. Property Tax Exemption: The primary purpose of the Florida homestead exemption is to reduce the property taxes paid by eligible homeowners. It allows qualified homeowners to exempt a portion of the assessed value of their primary residence from property taxes. Specifically, the first $25,000 of the assessed value is completely exempt from property taxes for all taxing authorities, such as the county, school district, and municipal governments. Additionally, the next $25,000 is partially exempt, with the exemption applying to the value between $25,000 and $50,000.

2. Save Our Homes (SOH) Amendment: The Save Our Homes Amendment, which was added to the Florida Constitution in 1995, further limits increases in the assessed value of homesteaded properties for tax purposes. It caps the annual increase in assessed value at either 3% or the percentage change in the Consumer Price Index (CPI), whichever is lower. This provision helps protect homeowners from dramatic increases in property taxes as property values rise.

3. Asset Protection: The Florida homestead exemption also offers protection from creditors in certain situations. Under the Florida Constitution, a person's primary residence, up to a certain acreage limit, is protected from forced sale by most creditors. This means that if you face financial difficulties or a lawsuit, your homestead is generally safe from being used to satisfy debts.

4. Residency Requirements: To qualify for the homestead exemption in Florida, you must meet certain residency requirements. You must use the property as your primary residence, and it must be located in Florida. You must also have legal or beneficial title to the property as of January 1 of the year you are applying for the exemption.

5. Application Process: To benefit from the homestead exemption, you need to apply for it with your county property appraiser's office. The application deadline is typically March 1 of the year you wish to claim the exemption. Late applications may be accepted if you can show extenuating circumstances.

6. Portability: Florida offers a portability provision that allows homeowners to transfer a portion of their Save Our Homes benefit to a new homesteaded property if they sell their current primary residence and buy a new one within the state. This helps homeowners keep some of their property tax savings when they move.

It's important to note that the homestead exemption rules can change, and eligibility criteria may vary based on factors such as the size of the property and its intended use. If you own a primary residence in Florida, it's advisable to consult with your county's property appraiser or a real estate attorney to ensure you understand and take advantage of the homestead exemption benefits applicable to your specific situation.

If you have questions: Contact the Tax Collector Phone: (352) 368-8200 Website: Marion County Tax Collector
Online Exemption Filing

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