When it comes to real estate investing, one of the most important decisions an investor must make is how to hold title to property. While it might seem simple to hold real estate in your personal name, there are compelling reasons why many choose to use a Limited Liability Company (LLC) instead. Understanding the advantages and risks of both options can help you protect your assets more effectively.
Posted in Asset Protection,Probate & Trust Administration,Real Estate Law,Wills, Trusts & Estate Planning
What is a Lady Bird Deed?
A Lady Bird Deed, also known as an Enhanced Life Estate Deed, is a unique type of deed recognized in Florida. It allows property owners to retain control over their real property during their lifetime while designating a beneficiary to inherit the property upon their death, without the need for probate.
A legislative bill was recently enacted that may reduce the sales tax rate on commercial leases to 2%. The timing of the decrease depends on the economic recovery of the unemployment compensation trust fund. Once this balance has reached its pre-pandemic level, the sales tax rate will adjust. You may need to periodically consult with your accountant to determine the current tax rate since it is contingent upon the amount in the employment compensation trust fund.
Posted in Real Estate Law,Tax Law & IRS Defense
As most Florida homeowners know, the Florida Constitution provides for a valuable homestead tax exemption. In general, to qualify for this exemption under Section 196.031 of the Florida Statues, you must have legal or beneficial title to your home and in good faith make the home your “permanent residence” as of January 1st. Determining whether you make the home your “permanent residence” can be complicated for those who have multiple homes or sometimes rent the home on occasion.
Your local Florida County Property Appraiser mails out the Notice of Proposed Property Taxes (Truth in Millage or “TRIM” form) in August or September of each year.
Property owners or taxpayers who wish to contest or appeal their property value to the Value Adjustment Board must file a petition (one of the DR-86 forms) with the clerk of court within 25 days of the Notice of Proposed Property Taxes:
Posted in Business & Corporate Law,Real Estate Law
Good news for Commercial Landlords, the reduction on state level sales taxes continues to decline. Florida is reducing the state-level sales tax rate on commercial leases for occupancy periods beginning on or after January 1, 2020 down to 5.5%.
However, counties are still imposing the local option surtax so be careful to check your county’s guidelines. The local option surtax varies between 0.5% to 1% for those counties that impose it. Currently, for 2019 St. Johns County has an additional 0.5% surtax.
Posted in Business & Corporate Law,Real Estate Law
Florida imposes sales tax on rental payments for the lease of commercial real estate. The 6% state-level tax was reduced to 5.8% for 2018. The Florida legislature passed another law to further reduce the state-level rate to 5.7% for occupancy periods beginning on or after January 1, 2019.
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Posted in Real Estate Law,Tax Law & IRS Defense
Your local Florida County Property Appraiser mails out the Notice of Proposed Property Taxes (Truth in Millage or “TRIM” form) in August or September of each year. Property owners or taxpayers who wish to contest or appeal their property value to the Value Adjustment Board must file a petition (one of the DR-86 forms) with the clerk of court within 25 days of the Notice of Proposed Property Taxes.
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