Owning a home in Florida comes with many benefits, and one of the most valuable is the Homestead Exemption. This property tax benefit can save homeowners thousands of dollars while also providing additional protections. If you haven’t filed for the Homestead Exemption yet, here’s why you should act now.

What Is the Homestead Exemption?

The Florida Homestead Exemption is a tax break that reduces the taxable value of a primary residence by up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The second $25,000 applies to non-school property taxes if the home is valued above $50,000. This reduction in taxable value leads to significant savings on property taxes each year.

Key Benefits of Filing for Homestead Exemption

1. Lower Property Taxes – The primary advantage of the exemption is a lower property tax bill. Reducing the taxable value of your home means you pay less in taxes, which can lead to substantial savings over time.
2. Protection Against Property Tax Increases – With the Save Our Homes (SOH) provision, the assessed value of a homesteaded property cannot increase by more than 3% per year or the percentage change in the Consumer Price Index (CPI), whichever is lower. This cap helps homeowners avoid steep tax increases as their property value appreciates.
3. Protection from Forced Sale – Florida’s Homestead Exemption includes legal protections that safeguard homeowners from losing their primary residence to creditors, with limited exceptions like mortgage foreclosure or unpaid property taxes.
4. Portability of Tax Savings – If you sell your home and purchase another one in Florida, you may be able to transfer some or all of your Save Our Homes benefits to your new home, reducing your taxable value on the new property.

Who Qualifies for the Homestead Exemption?

To qualify, homeowners must meet the following criteria:

• Own and occupy the home as their primary residence as of January 1 of the tax year.
• Be a permanent resident of Florida.
• File for the exemption by March 1st of the tax year.

How to Apply

Applying for the Homestead Exemption is a simple process:

1. Visit your county property appraiser’s website or office.
2. Complete the online or in-person application form.
3. Provide necessary documents, such as proof of residency (Florida driver’s license, vehicle registration, voter ID) and your property deed.
4. Submit your application before the March 1st deadline.

Don’t Miss Out on Savings!

The Homestead Exemption is one of the best ways for Florida homeowners to reduce their property tax burden and gain long-term financial benefits. If you haven’t applied yet, don’t wait! Take advantage of this opportunity and enjoy the peace of mind that comes with securing your home and finances.

If you have any questions about how the Homestead Exemption can impact your mortgage or homeownership costs, reach out to North Star Mortgage Network. We’re here to help you make the most of homeownership in Florida!

Property Tax Information for Taxpayershttps://floridarevenue.com/property/Pages/Taxpayers.aspx