What are the Benefits of Florida’s Homestead Tax Exemption?

What are the Benefits of Florida’s Homestead Tax Exemption?

By: Alison Meyer, Esq.

Besides beautiful sandy beaches and gorgeous weather, many people prefer to maintain a residency in Florida in order to receive the benefits of Florida’s Homestead Laws. One of those benefits provided by the Florida Constitution is the homestead tax exemption.

Homeowners can claim up to $50,000.00 as a homestead exemption on their primary residence. This means that up to $50,000.00 can be deducted from the assessed value of your property.

Once you purchase your property and move into your new home, if you are going to maintain that property as your primary residence, you should file for the homestead tax exemption. The general recommendation is to file for the exemption as soon as you receive your original deed in the mail. Either visit your local county property appraiser’s office or complete the application for the tax exemption online.

In order to receive the tax benefit for your primary residence for a particular year, you must occupy the property on January 1 of that year.  Although you can submit your application year round, the timely statutory filing deadline is March 1.

Do you have additional questions regarding filing for a homestead exemption? Call the Law Office of Kyle Felty, P.A. to speak with an attorney for assistance.