BuyerNewsReal Estate May 23, 2022

All About Florida’s Homestead Exemption

Did you know that you can get a discount on your property taxes? In this video, I tell you briefly about Florida’s two most commonly used tax benefits for property owners and how to qualify for these exemptions to lower you tax liability. Homestead Exemption & Portability The Homestead Exemption is a valuable property tax benefit that can save homeowners thousands of dollars each year. All Florida residents are eligible for a Homestead Exemption on their homes if they qualify. You are entitled to a Homestead Exemption if, as of January 1st, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. Keep in mind though that Homestead Exemption does not transfer from property to property. If you had this exemption last year on another property and moved, you must file a new application for your new residence. Additionally, Florida’s Portability law allows property owners to transfer their “Save Our Homes” benefit that was earned on a previous Homestead property to their new Homestead property. So, if you are applying for a new Homestead Exemption AND you held a Homestead Exemption on a previous property in Florida, you should also submit a Portability application with your Homestead application. The deadline to file is March 1st of this year. If you want more information or need help with your Homestead Exemption or Portability application, give me a call. I’m here to help you take advantage of these benefits.