Time to File Homestead Exemption for Florida Residents

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999

Time to File Homestead Exemption for Florida Residents

Time to File for Homestead Exemption - Florida ResidentsIf you own a home in Florida and live in it as your primary residence, then Florida law typically allows you a $25,000 tax exemption on the assessed value of the property. If you purchased the property in 2012, then it is time for you to file for homestead, as it doesn't automatically transfer to a new owner, at the start of the new year. An application must be filed. After that, the exemption automatically renews, if you remain eligible.

Homestead exemption may allow a Florida homeowner a savings of approximately $450 on their yearly tax bill. And, some homeowners may be entitled to an additional $25,000 in exemption for a total of $50,000, on the assessed value of their property. Check online to see whether you are eligible and if there are any other exemptions applicable to you.

New homeowners may apply for homestead between January 1 and March 1, for the first time. You must have purchased your home prior to December 31, 2012. If you do not file by March 1 you may lose your rights to homestead for that year.

In order to apply for homestead for the first time, an owner must have moved into the home prior to January 1, 2012 and it must be considered your primary residence. In order to file you will need:

Florida Driver's License, or if you don't drive a Florida Identification Card

Florida Vehicle Registration, for all vehicles owned or leased by you, or registered to your business
 
Brevard County Voter Registration Card, if you are registered to vote
 
Social Security card or other official document that includes the social security number. (Social Security documentation is required for the spouse of each applicant even if spouse has no ownership interest in the homestead property)
 
If you are not a U.S. citizen, a Permanent Resident Alien Card ("Green Card")
 
If property is in trust, a copy of the trust agreement or a copy of a recorded Memorandum of Trust
 
If the taxpayer owns property in any other State or Country, a letter from the appropriate agency verifying that the taxpayer does not receive benefits based on permanent residency in that jurisdiction
 
A copy of your recorded deed or tax bill for property identification purposes
 
If the dwelling is a manufactured home, registration(s) or title(s) for the manufactured home.Florida Driver License or Florida ID card

In some cases an owner can file for homestead online. Check the website as there are certain circumstances in which you will not be allowed to file for homestead exemption online.

 

 

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Melbourne FL Real Estate, Sandy Shores, Realtor

 


Sandy Shores, Broker Associate, Brevard County FL Real Estate

 

Sandy Shores, Melbourne FL Broker-Associate

 M & M Real Estate, Inc.

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Rainmaker
781,555
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Sandy, this is great information for your consumers!  Filing the homestead deduction is worth doing- so get with it Brevard County residents!  Surprisingly, Indiana has a more generous homestead deduction of $45,000 for owner occupants.  Enjoy that great winter weather, Sandy!  It is easy to see why so many of my retired teaching colleagues have moved to The Sunshine State!

Jan 17, 2013 01:43 AM #1
Rainmaker
671,701
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Bruce, Homestead exemption is a nice break for our owner occupants here in Florida.  We actually have an exemption on the first $25K of the assessed value of the property, and some qualify for an additional $25K exemption depending on the value of the property.

We have a lot of people that have been moving here to call Florida home.

Jan 17, 2013 02:08 AM #2
Rainmaker
1,515,897
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Interesting information for the consumer here. I just noticed this week the Property Appraiser site now has a "report homestead fraud" button which I think is new.

Jan 17, 2013 03:29 AM #3
Rainmaker
671,701
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Gary, I want to be sure that buyers get the exemptions that they are eligible for.  When I logged into the Property Appraiser's website it looks like they have changed it. Funny, I noticed the Report Hometead Fraud button also.

Jan 17, 2013 07:19 AM #4
Rainmaker
3,247,788
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sandy

It's that time of the year again . . . . Thanks for sharing the information on the Florida Homestead Exemption.

Good luck and success.

Lou Ludwig

Jan 17, 2013 09:06 AM #5
Rainmaker
4,797,261
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good reminder for all new home owners in Florida, or for those changing their primary residence to Florida.

Jan 17, 2013 07:17 PM #6
Rainmaker
316,584
Frank Laisch
Orlando, FL
"The Insurance Guy"

Sandy, Excellent reminder. We posted this in our newsletter for the new home buyers. the savings really helps.  

Jan 17, 2013 07:40 PM #7
Rainmaker
671,701
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Lou, It just crept up on us when we weren't looking, didn't it? Amazing that it's mid January already.

Jan 18, 2013 06:07 AM #8
Rainmaker
671,701
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Gabe, It's unfortunate that occasionally we hear a story about an owner that wasn't reminded to file for their homestead exemption. I try to get the word out.

Jan 18, 2013 06:08 AM #9
Rainmaker
671,701
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Frank, Great job, I love getting information out to my friends and clients via my newsletter. Agreed, any kind of savings is great.  Have a super weekend!

Jan 18, 2013 06:12 AM #10
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Rainmaker
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Sandy Shores FL Realtor®, Melbourne Real Estate

Brevard County Real Estate, Florida's Space Coast
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