DID YOU KNOW: If you do short term rentals of 30 days or more per year for any two consecutive years in a row you could lose your homestead exemption.
This could mean paying tax on a much higher assessed value.
It has recently come to our attention that at least some property tax departments, including Broward County, have subpoenaed the records of Airbnb, Homeaway, VRBO, Tripadvisor and others for 2014 through 2020 to determine if additional taxes were due on properties listed as homesteads.
While short-term rentals of your home can create some extra income and, federal tax exempts income from up to 14 days per year of short-term rental income from a principal residence, rent days of 30 or more in two consecutive years is deemed to be abandoning your homestead exemption. This could result in additional real estate taxes and or tax liens on your home.
Click here for the complete letter from Broward County shown below.
