Did you buy a new home as your primary residence in 2022? Or did you buy a new primary residence in the recent years, but forgot to file for your Homestead Exemption? Now is the time to file for the Homestead Exemption in 2023. This can be easily done through your local county property appraiser. To find your local county property appraiser site, you can click here. Keep in mind, applications must be received before the March 1, 2023 deadline.
What is the Homestead Exemption?
The Homestead Exemption is available to all Floridians that own a home and use it as their primary residence. A $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes.There is also an additional $25,000 exemption that will be applied if your property’s assessed value is between at least $50,000 and $75,000. This exemption is not applied to school district taxes.
Required documents when qualifying for the Homestead Exemption
- Florida Driver’s License or Florida ID if you do not drive
- Florida car registration
- Florida Voter’s ID (if you vote)
- Immigration documents if not a U.S. citizen
If you are a first-time homeowner and applying for the first time, the Florida Department of Revenue states that you should be prepared to answer the following questions:
- Whose name or names were on the title on Jan. 1?
- What is your Social Security number and your spouse’s Social Security number?
- Were you or your dependent(s) living in the dwelling on Jan. 1?
- Do you claim residency in any other county or state?
The Homestead Exemption is a benefit to all Floridian homeowners’ primary residence in The Sunshine State. In addition to the tax savings on your assessed value, the Homestead Exemption also qualifies you for the 3% Cap Save our Homes (SOH). The 3% SOH Cap limits any increase to the assessed value of a homestead exempt property for tax purposes to a maximum of 3% each year or the amount of the change in the Consumer Price Index, whichever is lower. Given the recent run up in property values, this has been a tremendous benefit for Florida homeowners.
Do you have questions about the South Florida real estate market? We can help. Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet today!