What is the Florida Homestead Exemption?
Recently I have had many potential new homeowners ask me, "Why are the taxes so much higher on this property than the other one we saw?" I explain to them that the other home had been Homesteaded. In this day and age with the cost of living climbing higher, everyone is looking to cut costs and save some money. Take a look to see how you too can save some money on your taxes!
Great News for Florida homebuyers is the fact that Florida has one of the most generous homestead exemptions found in any state! Not only will you be eligible to receive up to $50,000 deduction on the assessed value of your QUALIFIED Florida residential property and save on property taxes but the laws will also help prevent folks from losing their homes do to certain events or change in economic stature.
The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000 applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.
There are more exemptions that may be available if you qualify. Seniors, disabled veterans and other disabled people are encouraged to check or file for those additional exemptions. http://dor.myflorida.com/dor/property/taxpayers/exemptions.html
Homestead Exemption is granted to PERMANENT Florida residents only. The home must be your primary residence in order to qualify. How do I prove my PERMANENT Residence? The address listed on your voters registration card, your driver’s license, where you register and title your cars as well as where you file your income tax will prove this.
After the first year that your home receives a Homestead Exemption and the Property Appraiser assesses your home at just value there is a limitation clause called “Save Our Homes” or SOH ( This means that your homes assessed value for each following year cannot increase more than 3 percent or the percent change in the Consumer Price Index (CPI). http://dor.myflorida.com/dor/property/resources/limitations.html
In order to be eligible to receive your Homestead Exemption you will need to file after your sale has finalized up until March 1st of the following year. For example the deadline for the 2016 Homestead Exemption was MARCH 1st, 2016
Click Here to Apply for Your Palm Beach County Florida Homestead Exemption. https://secure.co.palm-beach.fl.us/PAPAeFile/web/HEApplication/Login.aspx)
If you have any questions, please give me a call I would be happy to answer your Real Estate questions!