When you buy a home in Florida, you have until March 1st of the following year to file for homestead exemption. For example, if you bought a home in 2023, you have until March 1, 2024, to file your homestead exemption.
What is the homestead exemption?
The Florida homestead exemption is a property tax break for eligible homeowners. It can reduce the taxable value on your primary home as much as $50,000, saving you up to $750 a year. Additionally, your assessed value cannot increase more than 3 percent annually once you’ve been granted a homestead exemption.
How do I qualify?
To qualify, you must meet the following requirements as of January 1 of the year in which you are filing:
- Be a permanent Florida resident
- Own and occupy the property as your permanent residence
- Hold title or beneficial interest to the property
- Be a U.S. citizen or possess a Permanent Residence Card
Here is how the Homestead Exemption benefit is calculated:
- Homes with an assessed value of up to $50,000: $25,000 base exemption
- Homes with an assessed value of $75,000 and higher: $50,000 ($25,000 base exemption + $25,000 additional exemption)
- There are additional exemptions that apply to certain people:
- Additional $500 Exemption: Surviving spouses, individuals who are legally blind, and non-veterans who are totally and permanently disabled
- Additional $5,000 Exemption: Veterans with a service-related disability of at least 10% (applies to the surviving spouse who was married to the veteran at death and for 5-years preceding death)
- 100% Exemptions (No Ad Valorem Taxes): Quadriplegics, veterans who have a service-connected 100% disability and surviving spouses of a veteran who died while on active duty.
When Do I File?
Under Florida law, homeowners must file for a homestead exemption by March 1 of the tax year for which the exemption is being requested. So if you bought in 2023 you are now eligible to file.
What do I need to file?
Here are the documents you may need for Homestead Exemption*:
- Florida Voter’s Registration Card
- Florida Driver’s License
- Florida Vehicle Registration
- Recorded Warranty Deed for the Property
- Current Electrical Utility Bill (In your name with service prior to January 1st)
- Social Security Number (for all owners)
We will be helping our clients complete their Homestead Application this upcoming Saturday, February 17th 2024 from 9am-12pm.
We look forward to assist you even after becoming homeowner.