Homestead Exemption
The Florida State Constitution states that homestead exemption is available to “every person who has legal or equitable title to real estate and maintains thereon the permanent residence of the owner, or another legally or naturally dependent upon the owner…” To qualify, you must own the real estate and it must be your primary residence.
Homestead exemption will save a homeowner on their real estate property tax assessments, caps the amount a homeowner’s property can be reassessed annually and protects a homeowner with asset protection for his home against third party creditors.
To be entitled to homestead exemption for the current year, you must have taken title to the home as of January 1st of that year. Initial application for homestead exemption must be made prior to March 1st of the year for which the exemption is sought. It is recommended that as soon as you receive your recorded deed that you do this. If you put it off and miss the deadline, the exemption is missed for that year, and the application will take effect the following year.
You must appear in person and complete the appropriate forms for a tax exemption. You will need to take with you the recorded deed reflecting the property owner and identification to prove who you are. It is advisable that you take several forms with you such as automobile registration, voter registration and your social security card. To verify exactly what you they require, please contact the Property Appraiser’s office directly.
Florida law provides the homeowner a $50,000 exemption from real estate tax assessment. For example, if your home is assessed at a market value of $150,000, with the $50,000 exemption, your property taxes will be computed on $100,000. Also, having homestead exemption on your primary residence caps the amount your home can be reassessed annually to 3% or to the percentage change in the Urban Consumer Index, whichever is lower. Finally, the Florida Constitution provides homestead property with protection from third party creditors, with the exception of your mortgage, or if you have done improvements to your home, it would be subject to the construction lien law.
There are some additional exemptions available for widow’s and widower’s, disability, blind, permanently disabled persons and for persons 65 and older. Please contact the Property Appraiser’s office for information on these additional exemptions and what their qualifications are.
