Homestead Exemption

Save money on your Property Tax Bill

As a realtor in Florida, I'm happy to inform homeowners about the homestead exemption, a constitutional guarantee that can significantly reduce the assessed value of residential property by up to $25,000 for qualified permanent residents. In January 2008, Amendment 1 was passed, providing an additional homestead exemption of up to $25,000 for homeowners with properties assessed at more than $50,000. However, please note that this additional exemption does not apply to the school board millage.

Another key piece of legislation is Amendment 10, commonly known as “Save Our Homes,” which was approved by Florida voters in 1992 through a citizen initiative. This amendment is designed to protect homeowners by capping the annual increase in the assessed value of homestead-exempt properties. The increase is limited to the lesser of 3% or the Consumer Price Index (CPI) for the previous year, ensuring that property taxes remain manageable. Importantly, the assessed value can never exceed the market value.

To take advantage of the homestead exemption, it's crucial for homeowners to file as soon as they occupy their new residence and have proof of Florida residency. Permanent Florida residency must be established on or before January 1. The application for the homestead exemption can be submitted online or in person at the Property Appraiser’s office, but it must be completed by the March 1 deadline of the year the exemption is to begin.

Beyond the standard homestead exemption, there are several other exemptions that homeowners may qualify for. These include exemptions for medical reasons, disabled veterans, total and permanent disability, quadriplegics, the blind, wheelchair-confined individuals, service-connected disabilities, widows or widowers, and low-income seniors. Each of these exemptions can provide additional financial relief and are worth exploring if you meet the criteria.

As your realtor, I am here to help you navigate the complexities of these exemptions and ensure you maximize the benefits available to you as a Florida homeowner. If you have any questions or need assistance with the application process, please don't hesitate to reach out.
Property tax bill in front of palm trees and golf