Florida Law allows all homeowners who own property and has permanent residence in that property to apply for a Homestead Exception. This exception once you apply and are accepted will take $25,000 off your appraised value when calculating your property taxes. That could save the average homeowner approximately $500 a year in property taxes! Governor Charlie Crist is currently looking into the possibility of doubling this exemption to $50,000 in order to save homeowners even more money on their property taxes.
To apply you must reside in the residence on January 1 of the year you are applying and file no later than March 30th of that same year. The exception will then renew automatically as long as no changes are made to your title within any given year.
Save Our Home
In 1995 Florida implemented a constitutional amendment limiting the annual increase in value of residential homes with a homestead exception. The value increase is limited to no more than 3% or the rise in the Consumer Price Index, whichever is less. State laws and regulations have been put in place to ensure this limit is followed.
Florida is one of many states that has been hit hard with rising taxes and insurance rates. The Governor’s proposed plan many think is not the answer for long term relief, please refer to article on Property Tax Resolution for more details.
Homestead Exception for Owners of Primary Residences
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