Sarasota is considered by many as a tropical paradise. It is located on the Gulf of Mexico and offers a wealth of natural beauty, a cornucopia of cultural tradition, and an abundance of sunshine. The Sarasota real estate market also offers an excellent standard of living. As a matter of fact, the CNN/Money Magazine once dubbed it as America’s Best Small City. In addition, it’s also one of the country’s best places for retirement.

The unpolluted air, sunny weather, and fine-looking beaches have certainly made Sarasota a world-renowned hub of fine living. Its effervescent cultural and recreational scene offers a wide array of activities for every budget and taste. So basically, the Sarasota real estate industry guarantees a “small town” manner of living with the convenience of urban amenities.

If you’re thinking about relocating to Sarasota—with the intention of purchasing or renting out a place, you better take advantage of the existing programs meant for its residents and prospective homebuyers.

Homestead Exemption

Homestead Exemption is actually offered in the State of Florida. It basically allows you to trim down your property tax cost by requesting for an exemption on your home value’s first $25,000.

Before you can file for an exemption claim, you’re required to establish residency in your house. It should be done by December 31 of the previous year. In addition, the exemption request must be processed by March 1st of the same year you intend to claim the exemption.

Residency may be substantiated with a valid driver’s license and ownership/registration certificate issued by the State of Florida, or with a voter’s registration card. In order to establish residency within the mandatory timeframe, present a recorded title deed for the Sarasota real estate property or an automobile registration for a mobile home.

Rental Development

The Sarasota real estate industry has been successful in collaborating with the private sector to invest in the development of low-cost, multi-family residential properties throughout the county. Through tax credit and bond programs, Sarasota operates in cooperation with private development firms to construct rental properties intended for moderate- and low-income residents.

A number of financing programs have been formed for the various Sarasota real estate developers. In association with the Housing Finance Authority of Lee County and other nearby counties, Sarasota offers financial backing through the Regional Multi-family Bond Program. This financing plan makes use of the funding strength of private bonds to produce appealing and reasonably priced rental developments. The selected developers utilize the profits from bond financing, together with traditional financing, to build multi-family residential properties meant for moderate- to low-income tenants.

Sarasota’s real estate industry also takes part in numerous rental development programs overseen by the Florida Housing Finance Corporation. With the intention of making local projects compete at state level, Sarasota supplies a counterpart by means of local housing endowment. Qualified projects may then acquire financing through a combination of tax credits, conventional financing, and bonds.

Irrespective of the financing source, the low-cost housing developments backed by such programs have become assets of the community. Plus, they’re normally impossible to differentiate from market-rate homes. Without a doubt, the tax credit and bond programs provide much-needed assistance in fulfilling a vital need in the Sarasota real estate scene. This necessity is none other than the existence of inexpensive rental properties in a secure and pleasant location.