Nov 29
Homestead And Other Exemption Information
Homestead And Other Exemption Information
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FLORIDA HOMESTEAD EXEMPTION
FILING PERIOD JANUARY 1 – MARCH 1
Florida law requires that application be made by March 1st to be eligible for the $25,000 Homestead Exemption. Only new applicants or those who had a change of residence need apply. Automatic renewals are mailed in January each year.
What Is A Homestead Exemption?
Homestead Exemption is a constitutional benefit of a $25,000 exemption removed from the assessed value of your property.
All legal 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. While a complicated formula is used to explain this — as the additional $25,000 only applies to some of the taxing authorities — the bottom line is that the basic homestead exemption is worth approximately $800 in annual tax savings for all homes with a value of $75,000 or higher.
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. By law, January 1 of each year is the date on which permanent residence is determined.
What You Need When Filing for Homestead
- Proof of Ownership.
- Proof of Permanent Florida Residence.
- If you or your married spouse have a Homestead Exemption in any other county, state or country (or an equivalent permanent residency-based exemption or tax credit, such as New York’s “S.T.A.R.” exemption) on another property you also currently own, you will not be eligible for a homestead in Broward until after you surrender the exemption in that other jurisdiction.
- Current employers of all owners.
- Addresses listed on last I.R.S. income tax returns.
- Date of each owner’s permanent Florida residence.
- Date of occupancy for each property owner.
- Social Security numbers of all owners filing (plus the Social Security numbers of any married spouses, even if not named in the deed).
Florida voters overwhelmingly approved a new constitutional amendment in January 2008 which grants added tax relief to property owners. The amendment gives homesteaded owners the “portability” right to move Save Our Homes benefits to a new homesteaded property.
