What Is The Florida Homestead Exemption?

Homestead Exemption
The Homestead Exemption is an important benefit for any Florida resident that owns a home.

Florida is known for its sunny weather and beautiful beaches, but did you know it also offers a fantastic benefit for homeowners? The Florida Homestead Exemption is a tax break that can significantly reduce your property tax burden. In this blog post, we’ll break down everything you need to know about this important tax exemption.

The Homestead Exemption explained

Simply put, the Homestead Exemption exempts a portion of your property’s taxable value from property taxes. This means you’ll pay less in taxes on your primary residence.

Here’s the breakdown of the exemption:

  • The first $25,000 of value: Completely exempt from all property taxes.
  • The next $25,000 of value: Exempt from some, but not all, property taxes (like school taxes).

So, depending on your property value, this exemption could save you thousands of dollars every year.

Who qualifies for the Homestead Exemption?

To qualify for this exemption, you must:

  • Own the property and use it as your permanent residence (or the permanent residence of a dependent).
  • Be a Florida resident.

Benefits beyond savings

The Homestead Exemption isn’t just about saving money on your property taxes. It also offers additional benefits like:

  • Save Our Homes Assessment Limitation: This limits the annual increase in your property’s assessed value to a maximum of 3% or the rate of inflation, whichever is lower. This helps prevent your property taxes from skyrocketing due to rising property values.
  • Increased Protection from Creditors: In most cases, your homestead is exempt from forced sale to satisfy most judgments against you.

Applying for the Homestead Exemption

Applying for the Homestead Exemption is usually a straightforward process. You can typically apply through your county property appraiser’s office. The deadline to apply is usually March 1st of each year.

For more details and specific requirements, consult the Florida Department of Revenue’s website on property tax exemptions.

Summary

The Florida Homestead Exemption is a valuable benefit that can save you thousands of dollars on property taxes. If you’re a homeowner in Florida, make sure you take advantage of this program. By understanding the eligibility requirements and application process, you can ensure you’re receiving this well-deserved tax break.

Are you thinking of buying or selling a home in South Florida? 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.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.