Understanding the Florida Homestead Exemption

Do you live in your own home? Is this where you reside most of the year? You may qualify for up to a $50,000.00 exemption on your real estate taxes.

An initial exemption of $25,000.00 applies to all property taxes (including  school district taxes).  The additional exemption of up to $25,000.00 applies to the assessed value between $50,000 and $75,000 (if your home is worth $60,000 you will receive a portion of the $25k, if your home is worth $100,000 you will receive the full $25k) and applies only to non school district taxes.

You need to own your home as of January 1st for the year in which you are applying. If you purchased your home in November, you would apply after the new year. All applications must be submitted by March 1st to the local county property appraiser. Additional documentation may be required to prove residency including your Driver’s License number, employer information and utility statements showing your current address.

In addition, if you are over the age of 65, widowed, disabled or a veteran, you may qualify for additional exemptions.

Starting the year after you initially file for the Homestead Exemption, the Save Our Homes (SOH) amendment will limit the assessed value of your home (regardless of increases in the market value) to the lesser of the change in the Consumer Price Index or 3%. When you move from one homesteaded property to another, you may be able to carry some of your SOH savings with you. Your local property appraiser will be able to assist you with this process.

Click here to read the flier from the Department of Revenue  http://floridarevenue.com/dor/property/brochures/pt113.pdf

Click here to access the DOR Homestead Application Form  http://floridarevenue.com/dor/property/forms/current/dr501.pdf