Special offer

What is Florida Homestead Exemption?

By
Real Estate Agent with Tropic Shores Realty - Ich spreche Deutsch!

What is Florida Homestead Exemption?

This is a question I frequently see in my emails from buyers especially when they are moving to Florida from another state. 

The Florida Homestead Exemption provides for a reduced taxable value to homeowners who occupy their homes as a primary residence and it also provides for a cap on the amount a property can increase in assessed value each year.

Or stated in simpler terms, with the Florida Homestead Exemption, you pay property taxes on a lesser amount than the assessed value of your  home.

This is quite a mouthful, so I will elaborate on what is involved for eligibility and the application requirements:

1.  The home has to be a primary residence.  Homeowners have to live in the home as of January1 of a given year in order to be eligible for homestead exemption.

2.  Homeowners who want to claim homestead exemption will have to apply for homestead exemption by March 1.  This is a one-time application process and the homestead exemption will carry over into subsequent years.

3.  The exemption amount is up to $50,000 from the assessed value.  In other words, $50,000 is deducted from the assessed value of the home to arrive at the taxable value. 

Homestead Exemption Example by Silvia Dukes

4.  Homestead exemption does not apply to school taxes.

5.  The taxable value is used to calculate the tax amount for the home using the millage rate that is current for a particular year.

6.  The homestead exemption provides for a cap of 3% on the amount that a property can rise in the assessed value in a given year. 

7.  The cap has benefitted homeowners in particular during times when real estate values were rising rapidly and thus has protected homeowners from a huge increase in the taxable value of their homes. 

8.  For more information regarding the Florida Homestead Exemption law and other exemptions and for questions including on how to apply please contact the property appraiser's office in the county you live in. 

In Hernando County, you may visit the Homestead Exemption page on the website of the Hernando County Property Appraiser.

If you have purchased a home in 2010 and it is your primary residence

in which you have lived in as of January 1, 2011

make sure you have applied for homestead exemption. 

The deadline is March 1, don't miss it!

What is Florida Homestead Exemption?

This is an informational post that covers the Florida Homestead Exemption in general terms.    For more detailed information, questions, or how the Florida Homestead Exemption law may apply to your individual situation, please contact the County Appraisers office.

Click on the links for answers to other questions that are commonly asked:

What are the pet restrictions in Timber Pines?

What are the Annual Property Taxes on this House?

What is Florida Homestead Exemption?

What are CDD Fees?

Buyer Question:  What are the Closing Costs?

Posted by

   

 

 For more information about Hernando County Homes and Land for sale including Spring Hill, Brooksville, Weeki Wachee, and the communities of Timber Pines, Glen Lakes Golf and Country Club, Silverthorn, and Hernando Beach , please call or visit my website!

Let me help you find Your Place in the Sun!

 

Silvia Dukes PA, Broker Associate

Tropic Shores Realty, 3441 Deltona Blvd, Spring Hill, FL 34606

Phone: 352-584-7441    Email: SilviaDFL@yahoo.com   Website:  www.SilviaDukes.com

 

CIPS      International Real Estate Silvia Dukes    CRS     GREEN Designation     

 At Home with Diversity               

      Women's Council of Realtors      

                             

Copyright (c) Silvia Dukes 2006-2021.  All Rights Reserved. 

Listing and real estate market information is current as of the date it was posted but subject to changes.

All content, including text and photographic images, is the exclusive property of Silvia Dukes, P.A. and may not be used without expressed written permission.   

Comments (4)

Kathy Streib
Cypress, TX
Home Stager/Redesign

Silvia- great explanation of the homestead exemption.  In general I knew what it was but had it explained in such detail.  

Jan 05, 2011 01:03 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Kathy, imagine someone moving here from another state, it can really be a little confusing to them but once they realize what it will mean to them, they recognize it as a good thing! 

Jan 06, 2011 12:00 AM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Silvia  I agree with Kathy - you have taken the mystery out of the Florida Homestead Exemption.  There should be no question in the mind of buyers and sellers you are the local professional

Jan 06, 2011 02:06 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Karen, thank you!  I appreciate that!

Jan 06, 2011 02:00 PM