The Florida homestead exemption is a legal system designed to protect the value of a resident’s home from property taxes, ultimately having incredible financial benefits on your property.
What are the benefits?
On the most fundamental level, the homestead exemption itself allows most homeowners a $25,000 deduction from their property’s assessed value, which can ultimately result in several hundred dollars in tax savings. But it doesn’t end there. If your home is worth at least $50,000 you’ll receive an additional $25,000 deduction from the assessed value of your home, although, this additional deduction does not apply to school tax levies. Additionally, if you’re over the age of 65 or have a disability you can qualify for additional homestead exemptions. However, probably the most important aspect of the Florida homestead exemption is the “Save Our Homes” amendment to the Florida Constitution. This amendment caps the future increase of the assessed value of your homestead property to 3% per year or the rate of inflation. And in many cases, you can transfer these tax savings to a new Florida property if you move. This is huge.
Which properties qualify for a Florida homestead exemption?
As of January 1st of the tax year, you must have either legal or beneficial title to the property that you’re seeking the Florida homestead exemption on and it must be your permanent residence or the permanent residence of a legal or natural dependent of yours. For example, if you’ve moved into your new Florida home in 2015, you’re all set for the 2016 tax year. But, if you’ve moved in after January 1st of 2016 you won’t qualify for the 2016 tax year, although, you can go ahead and apply for the 2017 tax year. You also can’t claim more than one homestead exemption within the state of Florida or any other residency-based exemption in another state. The county Property Appraiser can consider several factors when determining whether the property is your permanent residence. Including but not limited to:
- Existence of a formal declaration of domicile.
- Where your children are registered to go to school.
- Place of employment.
- Residency in another state.
- Where you’re registered to vote.
- Driver’s license address or ID card.
- Vehicle registration.
- Address for your federal income tax return.
- Address on your bank statements.
- Proof of payment of the utilities of the property.
When’s the deadline (Tax Year 2018)?
March 1st. Don’t miss it, mark your calendars.
Missed the March 1st deadline?
So you missed the March 1st on-time deadline? What now? Luckily for you, Florida law allows the Value Adjustment Board or Property Appraiser to grant late-filling homestead exemptions. So long as you qualify, you can file the petition with your Value Adjustment Board or Property Appraiser no later than 25 days after the mailing of the Notice of Proposed Property Taxes, or more commonly known as the TRIM notice which is usually mailed out in mid-August.
When’s the late deadline (Tax Year 2018)?
September 19th. This is it. No more second chances.
Here’s how to apply.
The Florida homestead exemption applications need to be filed to the county Property Appraiser by March 1st of the tax year you’re seeking the exemption for. Filing for the Florida homestead exemption is pretty straightforward and can be done online. What you’ll need:
- Florida Driver’s License or ID card.
- Vehicle tag number (if you own a vehicle)
- Voter’s registration (if you’re registered)
- Immigration Card (if applicable)
- Social Security Number
- Your previous address.
- If you’re married, you’ll also need the above information for your spouse.
To file online, click your Central Florida county below to begin the application process.
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