An existing homeowner who purchases a home may now claim a tax credit of up to $6,500. To qualify, that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.
Â· This new tax credit is effective immediately. Eligible homebuyers do not have to wait until Dec. 1 to close in order to qualify.
Â· Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers - Here is what is what is in place for First time home buyers :income limits rise to $125,000 for singles and $225,000 for married couples; up from limits effective through Nov. 30 of $75,000 for singles and $150,000 for married couples. The tax credit phases out incrementally at each $20,000 increase in income. Effective immediately: The maximum home value purchased cannot exceed $800,000. Prior to the law being signed, first-time homebuyers had no limitation on a home's cost.
Long-time Florida homeowners who enjoy discounted property taxes resulting from the state's Save Our Homes amendment qualify for property tax portability.
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