The filing deadline for the Florida Homestead Exemption is March 1!
Why is it important to get this done?
In order to file for the Florida Homestead Exemption, the property must be your Primary Residence. This exemption does not apply to second homes, vacation properties, or investment properties. You only have to file once; it auto-renews each year.
The exemption will reduce your assessed value (not market value or purchase price) by up to $50,000. The first $25,000 will apply to all taxing authorities, while the second $25,000 applies to all taxing authorities except the School Board. Example: If a home has an assessed value of $300,000, the school board taxes would be calculated using a home value of $275,000. All other taxes would be calculated using a home value of $250,000.
Save Our Homes
Save Our Homes falls under the Florida Homestead Exemption. This limits the annual increase of the assessed value of your home to 3% or the change in the National Consumer Price Index, whichever is LESS. Therefore, your taxable home value cannot increase by more than 3%, year-over-year. Just like the Homestead Exemption, these savings only apply to your Primary Residence.
How to File
Go to your local property appraiser’s website to file for the Homestead Exemption. Most property appraisers have this option right on their homepage. Let me know if you’re having trouble getting this done and I’ll be happy to guide you through it.