What You Need To Know About The Florida Homestead Exemption

Florida’s Homestead Exemption – What you need to know What is a the Florida Homestead Exemption? Florida’s constitution provides relief from property taxes for qualified permanent residents who own their home. To qualify in any given year, the homeowner must reside in their home on January 1st and apply by March 1st.

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You will need the following in order to apply for Homestead Exemption: Proof of Ownership: This would be the recorded deed or if your home is a co-op then you will need the proprietary lease. Both of these documents must include the names of the persons applying for the exemption.

Legal requirements for homestead exemption in Florida It is time for Florida residents to start thinking about filing for homestead exemption. In our first newsletter of 2018, we broke down the benefits and requirements of this money saving measure. Here is a little refresher, so you can check it off your list.

Homestead Exemption State law allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities. The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000.

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If you own property on January 1, you may qualify for the Homestead Exemption. If, like some of our clients, you’ve recently purchased real estate in Florida or are contemplating doing so in the future, you’ll want to read this timely reminder about the Florida Homestead Exemption.

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To be entitled to receive a homestead exemption in 2019, you must be the owner of record of your property and have established florida residency by January 1, 2019. If you purchased a property this year to be your homestead, you may apply for theexemption until March 1, 2019, to take effect for the 2019 tax bill.

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