If you’ve ever bought or considered buying a property in Florida, you’ve probably heard of the state’s homestead exemption – and with good reason. The Florida homestead exemption reduces the tax burden on the state’s homeowners.
The Florida homestead exemption can reduce the taxable value of your home by as much as $50,000. It’s offered based on your home’s assessed value and offers exemptions within certain value limits.
There are two deadlines that must be met to benefit from the Homestead Exemption:
To qualify for the Homestead Property Tax Exemption you must be a Florida resident and own and occupy the property as your permanent residence on January 1st of the year you claim the exemption.
March 1 of each year is the last day to submit a timely filed homestead exemption application.
When applying for the Homestead Exemption, you will need to provide several items listed below that serve as evidence of property ownership and Florida permanent residence.
The criteria:
• The property you want to claim the exemption for must be your permanent residence OR the permanent residence of someone you can claim as a dependent on your taxes.
• You must have lived at the property on January 1 of the tax year in question. So if you hope to claim the homestead exemption on your 2020 taxes, you must have lived at the property in question on January 1, 2020.
• You cannot have rented the property for more than 30 days in a given calendar year. Renting the property for more than 30 days for two consecutive years or for more than six months is considered an abandonment of the Florida homestead exemption.
Apply for the Homestead Exemption Here