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Yet prices were nearly unchanged compared to a year prior.
Renting, then, is no longer a viable option for many retirees looking to reduce housing costs.
GOBankingRates reached out to several Florida real estate experts to find outwhat retirees can do to save on housing.
Homeowners insurance rates vary dramatically across Florida, said Greg Martin, owner ofThink Safe Insurancein Brandon.
Factors like local building codes, flood zones and historical weather risks play a role in these variations.
Martin also recommended reviewing your policy to look for other ways you might earn discounts.
Sometimes simple updates, like securing higher deductibles or bundling coverages, can lead to additional savings.
Exemptions can ease the burden, but youll have to apply to receive them.
In some cases, youll have to apply each year.
The state adjusts the income limit each year, according to changes in the consumer price index.
Widows and widowers can apply for an additional exemption.
The widow/widowers exemption reduces the assessed value of your property by $5,000, Reaves said.
This provides a tax savings of approximately $100 annually.
Any widow/widower who owns property and is a permanent Florida resident may file for this exemption.
But this strategy can backfire if youre not careful.
As a consequence, you might lose your exemption, Reaves explained.
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