Real Estate Property Exemption for Seniors (Port St. Lucie, Stuart: rental, house, to buy)

[priscillabud]

Hello - will be visiting the Port St. Lucie/Stuart area later this month. My friend and her husband moved there recently and they love Stuart. I checked listings in that area and there are some reasonably priced homes. My husband and I are both seniors and was wondering if there is a lower property tax for people age 65 +? Also, she said Stuart was prettier than Port St. Lucie (more modern). Would Port St. Lucie or Stuart be a good place to buy and then rent out for 9 months of the year? Would it be easier to rent a house out in both places on a regular basis?

Thanks for your info.

[ddlove01]

I do not believe so but the homestead exemption (as long as it will be your primary residence) is 50K. My father in law is over 65 and he doesn't get any tax breaks.

[priscillabud]

Thanks for the info. Does anyone know if it would be easy to rent a home out if I purchased one? The rent would probably be about $900 a month or so. This would be in either Stuart or PSL. My husband and I may be moving there eventually and was hoping to buy something to plan for that and rent it out prior.

[seeriously]

Originally Posted by priscillabud

Thanks for the info. Does anyone know if it would be easy to rent a home out if I purchased one? The rent would probably be about $900 a month or so. This would be in either Stuart or PSL. My husband and I may be moving there eventually and was hoping to buy something to plan for that and rent it out prior.

I wouldn't do it. We've owned rental property in Massachusetts but it's different here in Florida. The homes have slid down to a point where anyone and everyone who can afford a home has one already. You'll be scraping the bottom of the barrel with renters. Seasonal renters, yes but I wouldn't do permanent long-term renters.

[TriMT7]

Originally Posted by priscillabud

Thanks for the info. Does anyone know if it would be easy to rent a home out if I purchased one? The rent would probably be about $900 a month or so. This would be in either Stuart or PSL. My husband and I may be moving there eventually and was hoping to buy something to plan for that and rent it out prior.

Just remember that you cannot homestead your property or claim tax exemptions unless you are a resident. In other words, you can't rent out the home and get the exemption at the same time.

[priscillabud]

Thanks for your help. Will look but don't touch when we get there at the end of the month to look around.