Issues Encountered in Moving to Florida

CONTENTS

(UNDER CONSTRUCTION)

I.    Benefits of being a Florida Domiciliary

II.   Establishing your Domicile in Florida

III.    Legal Consequences of Florida Domicile

       

       

I.   Benefits of being a Florida Domiciliary

First of all, what is Domicile?

Answer: Domicile is a legal term which means roughly your home or residence.   However, the term has special legal significance.  Once established, your domicile continues until you move with the intent of establishing a new domicile.   (...more about domicile)

Being domiciled in Florida qualifies you for the various benefits that run from having a homestead.  First, and perhaps most important to many homeowners, is the protection against levy against your homestead to pay general debts.  While this will not prevent a mortgage lender from foreclosing on your home if you fail to make payments, it will protect your home against lawsuits based on car crashes, business losses, etc.   (...more about

In addition, your homestead receives an exemption from ad valorem taxes (real estate tax based on the value of your property) on the first 25,000 of taxable value.  More importantly to most homeowners is the applicability of the Save Our Homes tax cap on your homestead.  This is based on a provision in the Florida Constitution which prevents your property value for tax purposes from rising more than 3% per year.  Traditionally, property in many areas of Florida have appreciated by about 5% per year, and Florida, like many areas of the country, has seen huge increases in property values in recent years.  This results in huge tax savings after just a few years of home ownership.

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