If you purchased a home in 2018, we are reminding you that the deadline to file for your Homestead Exemption is March 1, 2019.
Why apply for Homestead Exemption? Florida residents are eligible for the Homestead Exemption on their owner occupied, primary homes, condominiums, co-op apartments, and certain mobile homes as long as that property was your primary residence as of January 1st.
The exemption removes $25,000 off the assessed value and could provide up to another $25,000 additional exemption off assessed values over $50,000. (This additional exemption does not apply to school millage.) Not only does the homestead exemption lower the value on which you pay taxes, it also triggers the “Save Our Homes” benefit which limits future annual increases in assessed value to 3% or less.
And, if you sold a Florida primary residence to purchase your current home, you may be able to take advantage of the tax portability. Please check with the property appraiser’s office to determine your eligibility. You may apply anytime after you receive your original recorded property deed as long as you do so before March 1, 2019.