The homestead exemption entitles most homeowners to a deduction of $25,000 off of their
property’s assessed taxable value, which can result in several hundred dollars in tax savings.
If your home is worth at least $75,000, you will receive an additional $25,000 deduction from
your assessed value, although that additional deduction will not apply to school tax levies.
Once you establish your right to a basic homestead exemption on your property, you may also
qualify for additional homestead exemptions if you are over 65 years old or have a disability.
Another important benefit of the receipt of a homestead exemption means that, pursuant to the
Save Our Homes Amendment to the Florida Constitution, the assessed value of your
homestead property cannot increase more than 3% per year or the percent change in the
Consumer Price Index.
In many cases, this tax savings can be transferred to a new Florida residence if you move.
While the basic homestead exemption may only save you a few hundred dollars per year, the
rights that come with a homestead exemption can be extremely valuable.
property’s assessed taxable value, which can result in several hundred dollars in tax savings.
If your home is worth at least $75,000, you will receive an additional $25,000 deduction from
your assessed value, although that additional deduction will not apply to school tax levies.
Once you establish your right to a basic homestead exemption on your property, you may also
qualify for additional homestead exemptions if you are over 65 years old or have a disability.
Another important benefit of the receipt of a homestead exemption means that, pursuant to the
Save Our Homes Amendment to the Florida Constitution, the assessed value of your
homestead property cannot increase more than 3% per year or the percent change in the
Consumer Price Index.
In many cases, this tax savings can be transferred to a new Florida residence if you move.
While the basic homestead exemption may only save you a few hundred dollars per year, the
rights that come with a homestead exemption can be extremely valuable.
For the tax year in question, you must have either legal or beneficial title to the property for
which you are seeking an exemption, and the property must be the permanent residence of
either yourself or someone who is legally or naturally dependent on you.
Therefore, the property can be owned by a trust, as long as the applicant retains beneficial title
and a possessory interest in the property. However, the homestead exemption may not be
claimed by a corporation.
You do not have to be a United States citizen to qualify.
A taxpayer cannot claim more than one property for the Homestead Exemption.
The property must also be you or your natural dependent’s “permanent residence,” which is
defined by Fla. Stat. 196.012(18) as “that place where a person has his or her true, fixed, and
permanent home and principal establishment to which, whenever absent, he or she has the
intention of returning.”
In determining whether the property is your permanent residence, the Property Appraiser may
consider a number of statutory factors, including but not limited to the existence of a formal
declaration of domicile, where your children are registered for school, your place of
employment, residency in another state, the address where you are registered to vote, the
address on your driver’s license or identification card, vehicle registration, the address on your
federal income tax returns, the address on your bank statements, and proof of payment for
utilities at the subject property.
which you are seeking an exemption, and the property must be the permanent residence of
either yourself or someone who is legally or naturally dependent on you.
Therefore, the property can be owned by a trust, as long as the applicant retains beneficial title
and a possessory interest in the property. However, the homestead exemption may not be
claimed by a corporation.
You do not have to be a United States citizen to qualify.
A taxpayer cannot claim more than one property for the Homestead Exemption.
The property must also be you or your natural dependent’s “permanent residence,” which is
defined by Fla. Stat. 196.012(18) as “that place where a person has his or her true, fixed, and
permanent home and principal establishment to which, whenever absent, he or she has the
intention of returning.”
In determining whether the property is your permanent residence, the Property Appraiser may
consider a number of statutory factors, including but not limited to the existence of a formal
declaration of domicile, where your children are registered for school, your place of
employment, residency in another state, the address where you are registered to vote, the
address on your driver’s license or identification card, vehicle registration, the address on your
federal income tax returns, the address on your bank statements, and proof of payment for
utilities at the subject property.
Homestead exemption applications must be filed with the county Property Appraiser by March
1st of the tax year for which the exemption is sought. In order to receive a 2012 homestead
exemption, you must apply by March 1, 2012.
If you acquire or move into your new home after January 1, 2012, you would not qualify for a
2012 homestead exemption, but you can go ahead and apply now for 2013. If you already have
a homestead exemption, you probably do not need to re-apply, as most counties use an
automatic renewal process, whereby you only need to notify the Property Appraiser if you are no
longer entitled to the exemption.
Learn more and apply online at these sites:
Sarasota County Tax Appraiser
Manatee County Tax Appraiser
Charlotte County Tax Appraiser
1st of the tax year for which the exemption is sought. In order to receive a 2012 homestead
exemption, you must apply by March 1, 2012.
If you acquire or move into your new home after January 1, 2012, you would not qualify for a
2012 homestead exemption, but you can go ahead and apply now for 2013. If you already have
a homestead exemption, you probably do not need to re-apply, as most counties use an
automatic renewal process, whereby you only need to notify the Property Appraiser if you are no
longer entitled to the exemption.
Learn more and apply online at these sites:
Sarasota County Tax Appraiser
Manatee County Tax Appraiser
Charlotte County Tax Appraiser
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