Florida's Homestead Exemption Guide

What is Homesteading?

What are the Benefits?

Homesteading in Florida creates a valuable tax-friendly status for your home.

Benefits:

• Up to $50,000 tax exemption

• The “Save Our Home” program limits your assessed value to 3% annually.

• “Save Our Home” benefit may be portable when you move.

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How do you Qualify for the Homestead Exemption?

Every person who holds legal or equitable title to real property, maintains it as his/her permanent residence, and is a legal resident of Florida as of January 1, of any year, can qualify for the exemption for that year.

Here’s How the Homestead Exemption Works

For Property Taxes:

The first $25,000 of assessed value is tax-free under the exemption.

The second $25,000 of assessed value is taxed.

The third $25,000 of assessed value is tax-free under the exemption, except for school district taxes.

Simply put, if your home is worth at least $75,000, you will get the entire $50,000 exemption

Save Our Home!

“Save Our Homes” limits any increase in assessed value of properties with the Homestead Exemption to 3%, or the Consumer Price Index change, whichever is less, in the second consecutive year the exemption is received. Exceptions to that limitation include new additions or construction. Another exception occurs when ownership of a homestead property is changed in any way, affecting the homestead. Assessed value then returns to fair market (just) value in the year following the change.

To Apply For Homestead

As mentioned earlier, you must be living in your home on January 1st. You must apply no later than March 1st. If you miss either of the above deadlines, you can still apply but the Homestead Exemption won’t go into effect until the following year.

You can apply at your local tax assessor’s office. You can apply online.

You can apply by mail.

You will need your deed and may need some of the following to prove residency:

• Voter registration or, if not a United States Citizen or you do not wish to register to vote, a Declaration of Domicile.

• Declaration of Domicile filed with the Clerk of the Circuit Court. (There is a nominal charge for recording.)

• Florida driver’s license (a “Valid in Florida Only” license is not acceptable).

• Florida vehicle registration for all vehicles.

• If property is owned by both husband and wife, Florida residency information should be provided for both.

I hope you found this guide useful for understanding and taking advantage of Florida’s Homestead Exemption. For more information, visit the Charlotte County Tax Appraiser’s website at https://www. ccappraiser.com/exemption.aspx Some of the information for this pamphet came from their website.