07 Feb What is Florida’s Homestead Exemption
If you are a property owner in Florida, you may be curious to learn more about Florida’s Homestead Exemption. Florida has complicated laws governing homestead properties in the state that are often confusing to both residents and legal attorneys.
What is the homestead exemption in Florida and why does it matter? Are there benefits to it and how do I know if I’ve qualified? Take a look at our guide below to make sure you understand the basics to the Florida Homestead Exemption and to determine if you should take advantage of it.
Understanding the benefits of the Homestead Exemption in Florida
The reason you should learn everything you can about the homestead exemption for Florida is that there are many benefits that you can take advantage of. The biggest benefit to you is that you’ll benefit in a big financial way.
Homestead exemption property owners can take advantage of tax savings and your homestead property can’t increase more than 3% per year or percent change. You’re saving hundreds of dollars per year and given rights that will protect you and you’ll find to be of great value.
What homes are considered Florida homestead?
Homes qualify for the Florida homestead protections when they meet certain criteria. The criteria include having the legal or beneficial titles to the home on January 1st, being a permanent resident of the home, and applying for the exemption at the appraiser’s office in your county between Jan 1 and March 1.
If your home gets the homestead exemption, the status remains in place until you inform the appraiser that it’s no longer your Florida homestead. The laws that will then govern your Florida homestead property are real estate taxes, creditor protection, or death.
This means that your home will receive certain real estate tax exemptions, it will give you protection from creditors by not forcing you to sell your homestead to pay off a judgment, and that there will be restrictions on who you can leave the home to in the event of death.
Should I take advantage of this exemption?
In addition to the property not being able to increase over 3% per year, you’ll also have the financial benefits of the deduction off of the assessed value of the home. This means that you’ll have nice tax savings each year.
You may also qualify for additional exemptions if you have a disability or are over 65 years old. Then if you ever want to transfer ownership when you move, you can do so if you follow the regulations. There are many valuable benefits to this exemption.
Be sure to file for the exemption in person at the Property Appraiser office before March 1st of the tax year that you are seeking the exemption.
If this sounds like your situation, you may be eligible for these additional benefits that will reduce your property tax liability. You could be one of the thousands of Florida homeowners that save on their property taxes each year. If you meet the requirements or are disabled, a senior citizen, a veteran, or active duty military, be sure to apply before March.