The Florida homestead exemption is increasingly important as home prices rise because the exemption reduces the assessed value of your property. This in turn reduces the amount of property tax you owe. Let's get into the details below.
In the state of Florida, a $50,000 exemption is applied to your property's assessed value. This will only apply if your Florida home is your permanent residence and if you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes.
Also, the exemption automatically qualifies you for the Save Our Homes Cap (SOH) assessment limit. The 3% SOH Cap limits any increase to the assessed value of a homestead exempt property for tax purposes to a maximum of 3% each year or the amount of the change in the Consumer Price Index, whichever is lower. Again, this is very beneficial to Florida homeowners when home prices are on the rise.
The deadline for Florida Homestead Exemption applications is March 1. You can submit your application via e-filing, an online application or by visiting any of the five service centers. All home owners will need to provide a Florida Driver's License or ID, Florida car registration and Florida Voter's ID. These documents should reflect the address of your homesteaded property.
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