This guide covers Florida Property Tax Homestead Exemption: What Is It and Why Do You Need It? What is the Florida Homestead Exemption? The Florida Homestead Exemption is a state tax exemption that could save you hundreds of dollars yearly on your property taxes. The exemption applies to your primary residences, such as condominiums, mobile homes, and manufactured homes, and can also apply to certain types of secondary residences, such as vacation homes.
To qualify for the property tax homestead exemption, you must be a permanent resident of Florida and must file a homestead application with your county property appraiser’s office. If you qualify for the homestead exemption, the value of your home will be exempt from taxation up to $50,000. In addition, if your home is worth more than $50,000, you may still be eligible for a partial exemption on the portion of your home’s value that exceeds $50,000.
Suppose you’re considering purchasing a home in Florida or already owning one in the state. In that case, it’s important to understand the Florida Property Tax Homestead Exemption and how it can benefit you. You may consider speaking with an experienced real estate agent to learn more about the property tax homestead exemption and how it can help you save on your yearly property taxes.
Who Is Eligible for The Florida Property Tax Homestead Exemption?
To be eligible for a property tax homestead exemption in Florida, you must be a legal state resident for at least six months before applying. Be a permanent resident of the county where you claim the exemption.
Another important aspect of the homestead exemption is that it can protect your home in the event of financial hardship. If you file for bankruptcy or suffer a foreclosure, your home may be protected from creditors under the property tax homestead exemption.
Use the property as your primary residence. File for the exemption by March 1st of the year following the year in which you purchased your home. A few other requirements may come into play when determining eligibility for a homestead exemption, so it’s always best to speak with an experienced tax professional to see if you qualify.
Benefits of Property Tax Homestead Exemption in Florida
The property tax homestead exemption in Florida is a valuable tax break that has the potential to save you quite a bit of money each year. If you own a home in Florida and it is your primary residence, you could take advantage of this property tax homestead exemption. The homestead exemption can save you money in two ways:
It exempts a portion of the value of your home from property taxes. It protects the equity in your home from creditors in the event of bankruptcy or death. You must petition your county property appraiser’s office to qualify for the property tax homestead exemption.
You must provide proof of ownership and residency, such as a copy of your deed or mortgage statement, utility bills, and driver’s license. Once approved, the property tax homestead exemption will be applied to your property taxes beginning on January 1st of the following year. If you move to a new home, you can transfer your homestead exemption to your new property as long as it is within the same county. You must file a new petition and provide proof of ownership and residency at your new address. The homestead exemption can be transferred once every two years.
How to Apply for a Property Tax Homestead Exemption
To apply for a property tax homestead exemption, you must fill out an application and submit it to your county property appraiser’s office. The application must be filed by March 1st of the year you seek the exemption. You will need the following: The registration number for a Florida vehicle.
Florida driver’s license or state identification. Identification card for Florida voters. You will need immigration documents if you are not a citizen of the United States. Proof of your previous residency in a place other than Florida, plus proof of the end of that residency.
Driver’s license from another state that you have renounced Florida domicile and residency declaration. Your current employer’s name. Any dependent children’s school addresses. A bank statement and a mailing address for a checking account. Utility payment proof at the homestead address. If approved for the homestead exemption, you’ll receive a notice from the property appraiser’s office indicating the exemption amount. The exemption will appear on your following year’s tax bill.
Filing Property Tax Homestead Exemption Requirements and Deadlines
The property tax homestead exemption amount depends on the county in which you live. To qualify for a property tax homestead exemption, you must: Be a legal resident of Florida and own and occupy your home as your primary residence as of January 1st and file for the exemption by March 1st. Some other requirements and deadlines may apply to your situation. Be sure to check with your county property appraiser for more information.
Alternatives to the Florida Property Tax Homestead Exemption
Complete the Adjusted Gross Household Income Sworn Statement and Return form to qualify for a 100 percent exemption if you meet these criteria and your home is worth less than $250,000. If you’re not eligible for the Florida Homestead Exemption, a few other options may provide some relief from property taxes. Let’s see some of those options below:
Construction For an Older Family Member
A mother-in-law apartment to your house for an older family member? Complete the Original Application for Assessment Reduction for Living Quarters of Parents or Grandparents form to request a reduction in the value of your entire property. This exemption is subject to reapplication every year.
Surviving Spouse of a First Responder
Florida law may allow you to claim this exemption if your spouse was a first responder and was killed in the line of duty. See your county property appraiser for more information. Deployed service member: State law says this exemption amount depends on the number of days you were deployed during the tax year. You will have to complete the Deployed Military Exemption Application.
Property Tax Homestead Exemption For Disabled Veterans
Florida law may allow you to take advantage of this exemption on top of others you qualify for if you’re 65 or older and were injured in combat. Other disabled people: You may qualify for a $500 Florida property tax homestead exemption if you have other disabilities (such as blindness, permanent disability, wheelchair use, and others).
You will need a physician’s certificate and a Homestead Exemption Application to qualify for this exemption. The longtime limited-income senior exemption: This exemption is available to residents of Florida who are 65 or older, have lived there for at least 25 years, and have incomes below a certain level.
A spouse who survives a spouse killed in military service: Florida’s Fallen Heroes Act includes the necessary details of this exemption. See your county property appraiser for the proper documentation. The Florida homestead exemption is a valuable tax break for homeowners. If you are a homeowner in Florida, you should make sure that you take advantage of this exemption. If you are a Florida homeowner, make sure that you understand the homestead exemption and how it can benefit you.
