It’s tax time and while many people don’t look forward to filling out those government forms, Floridians have something to smile about. Weather isn’t the only benefit to moving south, tax deductions can be a serious perk for Florida homeowners. Here are the top tax deductions Florida homeowners may qualify for:
Florida Homestead Exemption: For snowbirds making the move from high-tax environments, Florida’s Homestead Exemption is a welcome bonus. The Exemption is available to bona fide Florida residents who live in, and claim a residence as their permanent and primary home. This Florida perk can save homeowners up to $50,000 in property taxes.
Missing the Mortgage Interest Deduction: Itemized deductions on your Federal income taxes can be a great way to lower your tax bill. You can deduct the interest portion of your mortgage payments. That might mean your itemized deductions will now exceed the standard, saving you tax dollars. Your first mortgage isn’t the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit.
Neglecting Your Home Office: To qualify for this deduction, your office space must be used regularly and only for business. You can deduct a proportionate amount of a number of expenses, including insurance, repairs, utilities, services, and depreciation, which can really add up. Or you can use the simple method of multiplying the square footage of the office by $5 for your total deduction.
Tax benefits can make homeownership in Florida even more attractive than the year round warm weather. GlenLakes in Hernando County not only had a low milage rate of 18.7875 for 2015 compared to other Florida counties but also has an outstanding portfolio of homes. Designed for easy living and gracious entertaining, GlenLakes offers estate homesites for building or choose from a stunning inventory of homes. For more information on becoming a homeowner in GlenLakes, click here.
It’s almost the New Year. As we say goodbye to 2015, it’s time to look ahead at what 2016 will bring to the real estate market. Economic growth will continue to chug along, employment will continue to increase, and homebuyers will continue to feel confident in purchasing a new home. Here’s a closer look at the trends for 2016:
New homes will come back big time. New home construction was one of the hardest-hit industries after the housing bust. Single-family home construction increased 10 percent this year and is expected to rise another 23 percent in 2016, according to the National Association of Home Builders. That coincides with healthy sales. New home sales grew 15 percent this year and are forecasted to jump 26 percent in 2016.
Buyers will want green and smart homes. Homebuilders are increasingly incorporating eco-friendly features into projects to meet growing demand largely from affluent Baby Boomers who prioritize energy efficiency, a healthier indoor environment and durability. More than half of builders say they are working on green projects, according to a study from Dodge Data & Analytics for the National Association of Home Builders. Those percentages are expected to rise over the next five years.
Homeowners want to be social. Neighborhoods with a clubhouse allow residents to easily stay social and make new friends. With more time on their hands from retirement, boomers want a clubhouse for member dining, hospitality and entertainment. They also want natural amenities such as kayaking, biking, and walkable communities.
For those seeking a new address in Florida, GlenLakes on the Adventure Coast might just fit the bill. Located along the coast north of Tampa, GlenLakes captures everything to love about the Florida lifestyle: natural surroundings, championship golf, country club amenities, a secure, immaculately maintained community and captivating home designs, perfect for entertaining and relaxation. For more information on a new 2016 home in this waterfront community, click here.