If you recently purchased a home in Florida which is your permanent residence, now is the time to file for your homestead tax exemption. March 1st is the application deadline for filing in order to receive the exemption for 2016.
All Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. The basic homestead exemption saved the average homeowner in 2015 anywhere from $500 to $1,000 in annual tax savings for a home with a value of $75,000 or higher. More importantly, your assessed value, which is used to calculate your property taxes, cannot increase more than 3% annually after you are granted the exemption.
You are entitled to a Homestead Exemption if, as of January 1st, the qualification deadline, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. You may also qualify for the exemption if you have a beneficial interest in the property under a 98 year lease or a life estate.
You can apply online or by mail with your county property appraiser.
About the Author: Peggy Hoyt Peggy R. Hoyt practices in the areas of family wealth and legacy counselling, including trust and estate planning and administration, elder law, small business creation, succession and exit planning, real estate transactions and animal law.