02/07/2024
Don’t Miss the Homestead Exemption Deadline!
It is the time of year that I get many questions from clients regarding homestead exemption. Are they eligible? How and where do they file? How much money will they save? When is the deadline for filing?
The Florida homestead exemption is a fantastic property tax break for eligible homeowners. It can reduce the taxable value of your home (for real property tax purposes) by as much as $50,000 – and once you establish your homestead exemption, your assessed value cannot increase by more than 3% per year – keeping increases in your annual real estate tax bill low.
To qualify for homestead es exemption, you must meet specific requirements as of January 1 of the year in which you are filing. You must be a permanent Florida resident, you must own and occupy the property in question as your permanent residence (providing the recording information on the deed to the property), and you must be a U.S. citizen or be a permanent resident (green card holder).
You must file your homestead exemption application no later than March 1 of the tax year for which you are requesting the exemption.
Do you have any other questions about this or any real estate information, feel free to contact me.