The March 1st deadline to apply for a Florida homestead exemption is rapidly approaching. If you moved to a new home within the last year, this is a deadline you do not want to miss. This article will explain the benefits of the Florida homestead exemption, the requirements for an exemption, how to apply for an exemption, and what to do if your application is denied. It will also address some of the thornier issues, such as rental of homestead property and claiming multiple exemptions per family.
Benefits of a Homestead Exemption
There are numerous financial benefits to having a homestead exemption on your property. On the most basic level, the homestead exemption itself entitles most homeowners to a deduction of $25,000 off of their property’s assessed value, which can result in several hundred dollars in tax savings. If your home is worth at least $75,000, you will receive an additional $25,000 deduction from your assessed value, although that additional deduction will not apply to school tax levies. Once you establish your right to a basic homestead exemption on your property, you may also qualify for additional homestead exemptions if you are over 65 years old or have a disability. But perhaps most importantly, receipt of a homestead exemption means that, pursuant 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. Moreover, in many cases, this tax savings can now be transferred to a new Florida residence if you move. Thus, while the basic homestead exemption may only save you a few hundred dollars per year, the rights that come with a homestead exemption can be extremely valuable.
How to Apply for a Homestead Exemption
Homestead exemption applicationsmust be filed with the county Property Appraiser by March 1st of the tax year for which the exemption is sought. Thus, in order to receive a 2010 homestead exemption, you must apply by March 1, 2010. If you acquired or moved into your new home after January 1, 2010, then you would not qualify for a 2010 homestead exemption, but you can go ahead and apply now for a 2011 homestead exemption. If you already have a homestead exemption, you probably do not need to re-apply, as most counties use an automatic renewal process, whereby you only need to notify the Property Appraiser if you are no longer entitled to the exemption.
Author:Jon Lewis Phone: 561-706-6101 Dated: August 5th 2015 Views: 496 About Jon: ...
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