Understanding the Florida Homestead Exemption

Understanding the Florida Homestead Exemption

The Florida Homestead Exemption is one of the most generous in the nation, allowing any legal resident with a recognized homestead to benefit from considerable tax savings. The following is a basic rundown on how you can apply for the exemption and what it entails.

The Benefits of the Florida Homestead Exemption

Enshrined in the Florida Constitution, the homestead exemption removes $25,000 from the assessed value of a homestead with respect to all property tax calculations, plus an additional $25,000 for non-school related property taxes. Thus, if your homestead is worth $100,000, it will be valued only at $75,000 for all property taxes, and just $50,000 for non-school property taxes. Depending on your locality’s millage rate, this can amount to annual savings of at least several hundred dollars, and possibly thousands.

Additional Homestead Exemptions

In addition to the tax exemption available to all eligible homesteads, there are several other tax exemptions that apply to certain circumstances or classes of individuals. These include:

• $500 Disability Exemption
• $500 Disability Exemption for Blind Individuals
• $500 Exemption for Widows/Widowers
• $5,000 Veteran’s Disability Exemption

These are just a few of the special exemptions available. Individuals that are totally and permanently disabled are allowed a full exemption, while owners who build additions onto their existing homestead to accommodate parents or grandparents enjoy an exemption equal to the amount of the new construction.

Each exemption entails its own application process, requirements, and paperwork, so it is advisable to seek professional legal assistance.

Applying for the Florida Homestead Exemption

All Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots. January 1st of each year is the date by which you must be on title and reside in the property as your primary residence in order to apply for homestead tax exemption. Other requirements include:

• Filing income tax returns as a Florida resident.
• Being registered to vote in Florida.
• Having a Florida driver’s license.
• Not having another residency-based exemptions in another state.
• Holding title to the property as an individual (rather than through a company).

Once you meet these requirements, you can file for a homestead exemption with the property appraiser of the county in which you reside. The timely filing period is between March 2nd through March 1st of the following year; so, if you want the homestead exemption for 2019, the period to file is March 2, 2018 through March 1, 2019.

Turn to Experts in the Florida Homestead Exemption

To ensure that you get the most out of the Florida Homestead Exemption, hire real estate specialists who can help guide you through the process. The real estate attorneys at Marina Title have helped clients of all backgrounds find the best solutions for their real estate needs. To learn how we can help, contact (305) 901-5628 or email [email protected].