Recently buy a new home? If your property in Florida is your primary or permanent residence, then you probably qualify for homestead exemption.
What exactly is homestead exemption?
A property tax exemption that allows you to deduct up to $50,000 on the value of your property. In the state of Florida, an exemption is applied to the 1st $25,000 in value of your primary or permanent residence. To be eligible, you have to own the property on January 1st of the tax year. This reduction in tax basis is applicable to all assessed taxes, including school district taxes. There is an additional $25,000 exemption that is applied if the assessed value of your home is between at least $50,000 and $75,000, and applies to property taxes with the exception of school district taxes.
More importantly, with homestead eligibility you are eligible for the Save Our Homes benefit. This benefit affects the assessed property value your home, the value used to calculate your property taxes. This amount cannot increase more than 3% annually after you’ve been granted exemption for the first year.
How do I apply for homestead exemption?
To apply you will need the following:
Proof of FL Residency
FL Car Registration
FL Voter ID Card
Proof of Citizenship or Permanent Resident Card
Social Security Numbers for Title Holder(s)
Property Address from Tax Bill, Deed or Title
Be sure that all documents reflect the address of the property you wish to homestead. You must file for application by March 1st of the current tax year, however applications are taken year round. Under FL law, failure to apply timely for the year constitutes a waiver of the exemption privilege. You can file online, by mail or in person. If you live locally visit Hillsborough County Property Appraiser.
Do I need to renew every year?
No. Once you have received the homestead exemption it is renewed annually until title has changed or the property is no longer your primary residence.
Does my homestead exemption follow me to a new home?
No. However, the exemption will remain on the property for the remainder of the year. You will need to file for a new exemption at your new property.
What about portability?
If you had homestead on another Florida property within the last two years, you may be able to bring the Save Our Homes savings accumulation with you to your new property. To do this, you will need to submit a separate application with your homestead exemption application. This benefit is not automatic and the savings will be lost if you do not apply timely.
Still have questions?
Contact us by phone at 813.777.4720 or email at [email protected].
Or visit the Florida Department of Revenue for more information on the homestead exemption or to learn about other ways that may help you save money on your property taxes.