Florida Homestead Exemption
As we enter into this New Year, Florida residents who purchased a new home before the end of the previous year or moved into a previously purchased home are eligible to receive a homestead exemption credit on the real property taxes. However, there is a time limit in order to file for the current year’s tax roll, so don’t procrastinate.
The Florida Homestead Exemption rule reduces the taxable value of real property by up to $25,000, $50,000 for a married couple. It is an ad valorem tax exemption provided by Florida law for qualified residents who own and reside on the property as their primary residence.
So, who qualifies?
You must be a resident of Florida.
You must own and occupy the property as your permanent residence.
You must hold title or beneficial interest to the property.
Real property owned by a Trust is also eligible to receive this exemption provided that the beneficiaries are living in the property and file, along with their homestead exemption application, a Certificate of Trust form.
You must file a new application for homestead exemption no later than March 1 of the year for which the exemption applies. If March 1 falls on a weekend or holiday, the deadline is the next business day. We encourage you to file your application as soon as you complete the qualifying transaction to minimize the risk of missing the March 1 deadline that is set by Florida law. If you file after the March 1st deadline, the exemption will not be applied until the following year.
Many Counties allow you to file for your homestead exemption on-line. You may also pick up an application from one of your county property appraiser's offices, or visit them online.
Palm Beach County - http://www.pbcgov.com/papa/
Broward County - http://www.bcpa.net/RecMenu.asp
Miami-Dade County - http://www.miamidade.gov/pa/
In addition to the homestead exemption, Florida residents who previously had a homestead exemption on property in the State of Florida may be eligible to reduce the amount of the assessed value of their new property by filing a “portability application” with their local property appraiser’s office. Portability allows residential owners to transfer all or a significant portion of their “Save Our Homes” discount on their previous residence to the new residence, up to $500,000 of the property’s actual 3% assessment cap. Keep in mind that in order to take advantage of the portability, you have to establish a new homestead in the State on or before January 1 of the second year after abandoning your previous homestead.
If you have any questions about Florida Homestead, email us at kelly@oldpalmtitle.com.
