The Florida Homestead Exemption reduces the taxable value of real property by up to $50,000. It is an ad valorem tax exemption provided by Florida law for qualified residents who own and reside on the property as their primary residence prior to January 1st.
Homestead exemptions are only available on an individual’s primary home. This exemption does not apply to businesses, rental property, second homes, homeowners claiming permanent residency-based exemptions or tax credits in other states, or homes with owners that do not claim Florida as their primary residence.
A tax exemption is an important benefit that offers Florida resident considerable savings on their property tax bill. The homestead exemption is the most common and valuable exemption, providing savings every year you own and reside in your home.
OBTAINING FLORIDA HOMESTEAD EXEMPTION
The Florida homestead exemption is not automatic. A homeowner must obtain a homestead exemption by filing for a homestead exemption with the Property Appraiser in the county in which the property is located. Florida statutes set firm requirements for persons receiving the valuable homestead exemption.
Individuals only are eligible for homestead exemption; corporations or business entities do not qualify.
Your deed or document establishing your ownership or beneficial interest as of January 1st and must be recorded in the County Public Records before your exemption can be approved. Without this evidence, your Property Appraiser’s Office is prohibited by state regulations from granting the exemption.
WHERE & WHEN TO APPLY
It is not necessary to file an application every year as long as the property’s use and your ownership and Florida residency do not change. You may file a new application for homestead exemption no later than March 1 of the year for which the exemption applies. Many Counties allow you to file on-line. You may also pick up an application from one of your county property appraiser’s offices, or visit them online. Below are several Florida County Links for Homestead Exemption Filing:
If you have any additional questions about Florida Homestead, email us at Brian@AllPropertyTitle.com.