Homestead Exemption in Florida
If you recently purchased a home in the state of Florida and it is going to be your permanent residence, then it’s time to apply for your Homestead Exemption. Homestead Exemption is an extremely valuable asset that homeowners should take advantage of. The exemption is designed to not only protect homeowners from creditors in the event of a financial hardship, but it also reduces your property taxes.
What the Homestead Exemption does is it gives you up to $50,000 off the assessed value of your home. When the exemption lowers the taxable value of your property, this results in lower property taxes. Additionally, the homestead exemption may also provide additional credits for certain types of insurance, such as hurricane insurance or flood insurance.
Even if you purchased your home 5 years ago, you can still apply. However, the deadline for 2023 is March 1st so be sure to start the process ASAP. Apply once and you’re covered…you do not have to keep applying annually.
It also initiates the 3% cap on your assessed value under the Save Our Home Initiative. Florida’s Save Our Homes (SOH) provision allows you to transfer all or a significant portion of your tax benefit, up to $500,000, from a Florida home with a homestead exemption to a new home within the state of Florida that qualifies for a homestead exemption. This is referred to as “portability.” Basically, if you sell your home and move to another home in the state of Florida, you take your savings with you!
In short, homestead exemption in Florida reduces the assessed value of your property, thereby reducing the amount of property tax you pay. This ensures that your home and investment are secure! Be sure to check your check your tax statement to make sure it does show your exemption.
If you have any additional questions or don’t know where to start, The Stracuzzi Team is here to help.
Click here for a document list for Martin County.