Money-Saving Tips For Tampa Homeowners To Maximize Your Tax Savings

By Corrie Forcet, Realtor® of The Forcet Group | KW Suburban Tampa

“Florida law allows up to $50,000 to be deducted from the assessed value of a primary/permanent residence. The first $25,000 of value is entirely exempt. The second $25,000 exemption applies to the value between $50,000 - $75,000 and does not include a benefit on the school tax.” - Hillsborough County Property Appraiser

As we dive into the tax season, there are crucial considerations that can significantly impact your bottom line when it comes to property tax savings and deductions. We've rounded up essential information to help you navigate the tax landscape more effectively this year.

Homestead Exemption Check-Up: Ensure to inspect your tax bill for any mention of a homestead exemption. This small but mighty benefit can reduce the taxable value of your property. It's a wonderful way to lower your tax liability and keep more money in your pocket.

Patience Pays Off - Wait for Form 1098: Before you race to file your taxes, hold on for the crucial Form 1098 from your mortgage company. This document spells out the interest you've paid on your property throughout the year. By waiting for this, you'll have the exact figures needed to maximize your deductions and minimize your taxable income.

Capital Gains Affected by 2024's Increased Tax Brackets: Do you have a secondary property and worry about your capital gains tax? The IRS recently released the tax brackets for 2024 and there is good news for investors. The tax brackets for the 2024 tax year aren't changing, but the cutoffs for each band of taxation will shift higher. The tax rates will remain 10%, 12%, 22%, 24%, 32%, 35% and 37%. But it will take more income to reach each higher band of taxation. This essentially means that you could owe less in taxes for 2024 on your sale.

Remember, these insights are aimed at optimizing your tax situation and ensuring you take advantage of every available benefit as a homeowner. We're here to support you through this tax season and beyond to ensure you have optimal tax savings as a Tampa homeowner. Should you have any queries or need assistance understanding these benefits further, please don't hesitate to reach out. Our team is ready to help you make the most of your homeownership experience.