Today we’re discussing the homestead exemption. In the state of Florida, if a house is considered your primary residence, meaning you have lived or will live in that home for at least six months and one day out of that calendar year, you’re entitled to particular tax savings—up to $50,000 off the assessed value of the home. A homestead exemption can help you save hundreds of dollars off your property taxes each year. Remember: You cannot have a homestead exemption in two separate states; this only applies to one primary residence.
There are many benefits to having Florida be your primary residence for this exemption: We don’t pay state income tax, we don’t pay personal property taxes on our vehicles, and we don’t pay taxes on groceries. There are other tax exemptions you may be eligible for, so when you fill out the homestead exemption application make sure to read it very carefully. There are portability exemptions, save our homes exemptions, widow exemptions, and disabled veterans could get their property taxes reduced all the way to zero.
Applications need to be in by February 29, as it’s a leap year. If you do not apply by the due date, you cannot apply for this calendar year. It’s in your best interest to apply and get it in on time. Who doesn’t want to save hundreds of dollars per year? Don’t ever pay Uncle Sam more than necessary!
If you have any questions regarding the homestead exemption, property taxes, or the great state of Florida, please don’t hesitate to reach out to us via phone or email. We would love to help you.