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What is Florida Homestead Exemption?

what are homestead taxes

Silvia Dukes PA, REALTOR, CRS, CIPS, SRES Real Estate Agent Spring Hill, FL (352) 584-7441 Contact Profile

What is Florida Homestead Exemption?

This is a question I frequently see in my emails from buyers especially when they are moving to Florida from another state.

The Florida Homestead Exemption provides for a reduced taxable value to homeowners who occupy their homes as a primary residence and it also provides for a cap on the amount a property can increase in assessed value each year.

Or stated in simpler terms, with the Florida Homestead Exemption. you pay property taxes on a lesser amount than the assessed value of your home.

This is quite a mouthful, so I will elaborate on what is involved for eligibility and the application requirements:

1. The home has to be a primary residence. Homeowners have to live in the home as of January1 of a given year in order to be eligible for homestead exemption.

2. Homeowners who want to claim homestead exemption will have to apply for homestead exemption by March 1. This is a one-time application process and the homestead exemption will carry over into subsequent years.

3. The exemption amount is up to $50,000 from the assessed value. In other words, $50,000 is deducted from the assessed value of the home to arrive at the taxable value.

4. Homestead exemption does not apply to school taxes.

5. The taxable value is used to calculate the tax amount for the home using the millage rate that is current for a particular year.

6. The homestead exemption provides for a cap of 3% on the amount that a property can rise in the assessed value in a given year.

7. The cap has benefitted homeowners in particular during times when real estate values were rising rapidly and thus has protected homeowners from a huge increase in the taxable value of their homes.

8. For more information regarding the Florida Homestead Exemption law and other exemptions and for questions including on how to apply please contact the property appraiser's office in the county you live in.

In Hernando County. you may visit the Homestead Exemption page on the website of the Hernando County Property Appraiser.

If you have purchased a home in 2010 and it is your primary residence

in which you have lived in as of January 1, 2011

make sure you have applied for homestead exemption.

The deadline is March 1, don't miss it!

What is Florida Homestead Exemption?

This is an informational post that covers the Florida Homestead Exemption in general terms. For more detailed information, questions, or how the Florida Homestead Exemption law may apply to your individual situation, please contact the County Appraisers office.

Click on the links for answers to other questions that are commonly asked:

Category: Taxes

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