Did you buy a Home Last Year in Florida? You might want to Apply for a Homestead Exemption.

If you bought a home last year, the dead line to file for homestead exemption is March 1st.  Every person who owns and resides on real property in Florida on January 1 and makes the property his or her permanent residence can file an application for an homestead exemption and may receive an additional property tax exemption up to $50,000.  The first $25,000 applies to all property taxes. The added $25,000 applies to assessed value over $50,000 and only to non-school taxes.

With a Homestead Exemption, a property owner can benefit from Save our Homes.  Starting the year after you receive homestead exemption, the assessment on your home cannot increase by more than the lesser of the change in the Consumer Price Index or 3% each year, no matter how much the just value increases. If you have moved from one Florida homestead to another within the last two years, you may also be eligible to take some of your Save our Homes savings with you.   Exceptions to that limitation include new additions or construction. Another exception occurs when ownership of a homestead property is changed in any way, affecting the homestead. Assessed value then returns to fair market (just) value in the year following the change.

There are $500 exemption each for widows, blind and disabled. Veteran’s and First Responders Exemptions and Discount are also considered and can result in up to 100% exemptions in ad valorem taxes (Latin for “according to value”).

Florida has a lot of potential savings when it comes to ad valorem taxes for property owners that new home owners should take advantage of.  The March 1st deadline is fast approaching. 

If you are interested in buying a new home or an existing home, please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  My email address is alanlane66@gmail.com or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for homes on my website at this link.

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