When you purchase your primary residence, we highly recommend applying for a Homestead Exemption on your property taxes.
There are numerous benefits from doing this:
1. Your property taxes are based off an assessed value on your home. If your home is assessed at less than $75,000, then filing for a homestead exemption entitles most home owners to a $25,000 deduction off their property’s assessed value, which can greatly reduce your property taxes. If your home is assessed at more than $75,000, you will receive an additional $25,000 deduction for a total of $50,000 off your assessed value, which can save you hundreds of dollars per year and reduce your monthly mortgage payment. The additional deduction does not apply to school tax levies.
2. Once your right to a basic homestead exemption on your property is established, you may also qualify for additional homestead exemptions if you are over 65 years old or have a disability.
3. Most importantly, due to the Save Our Homes Amendment to the Florida Constitution, the assessed value of your homestead property cannot increase more than 3% per year or the percent change in the Consumer Price Index.
4. There are also benefits to protect your property from creditors, to learn more about these specific benefits, please contact your local county property appraiser office.
There are two deadlines which must be met in order to benefit from the Homestead Exemption:
1. January 1st: you must be a Florida resident, as well as own and occupy the property as your primary/permanent residence.
2. March 1st: you must apply for Homestead Exemption by this date.
What do you need to apply for Homestead Exemption?
1. Evidence of ownership: A copy of the deed to the property recorded in the public records or a copy of the property tax bill or a notice of the proposed property taxes.
2. Evidence of a permanent Florida Residence: A valid Florida Driver’s License or Florida ID Card which must reflect the permanent residence address.
3. One of the following: Florida vehicle registration, proof of Florida voter registration.
4. Or two of the following: Employment verification (must show address), proof of payment for utilities or bank statements that are mailed to address.
5. Must provide Social Security Number.
Other Homestead Exemptions Available:
1. Senior Exemption with Limited income (Over the age of 65)
2. Disabled Veterans Homestead Property Tax Discount (Over the age of 65)
3. Total & Permanent Disability Exemption (Service Connected) Taxes waived
4. Total & Permanent Disability Exemption (Non-service Connected) Taxes Waived
5. Widow/Widower Exemption- $500
6. Disability Exemption: $500
7. Blind Disability Exemption-$500
8. Disabled Veteran: $5000
For More information contact your local county property appraiser!
Your Realtor for Life
Southern Choice Properties, LLC
Real Estate Sales Associate