Homestead Exemption: this will save you money on property taxes, apply for it by March 1st.
Depending on the value and location of the property, and the millage rates set by the , the homestead exemption can save you about $800.00 in taxes. Back to Top Can I rent my home and still keep the homestead exemption on it?
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In the State of Florida, if you own property and make the property your permanent residence as of January 1st of the tax year, you may qualify for homestead. There are a number of exemptions outlined in state law (florida statute 196) that can lower your property’s value and ultimately save you money in property taxes.
So if you bought a property in November 2013, you must apply by March 1, 2014 in order to receive the homestead exemption. Under Florida law, failure to file for any exemptions by March 1st constitutes a waiver of the exemption for the year.
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The homestead exemption in Florida can save you hundreds of dollars in property taxes for permanent Florida residents. If you qualify, you can reduce the assessed value of your homestead. If you qualify, you can reduce the assessed value of your homestead up to $50,000.
But the homestead exemption is quite simple once you break down its purpose. In many states, you can apply for a homestead exemption on your home, a.k.a. your principal residence. Applying for a homestead exemption removes a portion of your home’s value from taxation and lowers your property taxes.
The Homestead Exemption can help you save money on your property taxes by reducing the taxable value of your property! In order to qualify for the Residential Homestead Exemption, you must be occupying the property as your homestead on January 1st of the tax year in which the exemption is granted.
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