Owning a property comes with its perks. A Homestead Exemption is one of the many perks that many homeowners are not familiar with and can potentially lose thousands of dollars.
What is a Homestead Exemption?
It is a federal property tax benefit that allows homeowners to save up to $50,000 on the assessed value of their property. In other words, Homestead tax exemptions bank a certain amount of money that is calculated based on the percentage of your property value.
Who qualifies for a Homestead Exemption?
Homestead Exemption only applies to primary residences, which means that rental and or investment properties are not eligible. Homeowners that are claiming a Homestead Exemption must be living in the property. Other qualifications such as the property value, income level, disability, military, and or veteran status also apply.
What documents do you need to apply for a Homestead Exemption?
- Social security number or U.S. Permanent Resident Immigration Number
- Verification of ownership (contract, deed)
- Florida’s driver’s license reflecting the property address
- Florida’s vehicle registration reflecting the property address
Where should you apply for a Homestead Exemption?
First-time applicants can apply, check status, and upload documents online at your county’s property appraisal office. For more information regarding this, please see the links below (Useful resources).
When Should you apply for a Homestead Exemption?
If you purchase your home on or by December 31st, the annual deadline to apply for this benefit is March 1st.