Homestead exemptions for Florida residents
It’s the time of year again! Homeowners whose primary residence is in the state of Florida are eligible for a pretty generous tax deduction, also known as a homestead exemption. If you don’t apply for exemption by the March 1 deadline, you could potentially miss out on huge tax savings.
In order to file for homestead exemption, you must be a permanent Florida resident (sorry, snowbirds!) and occupy the property as of January 1, 2022, or have a beneficial interest under a 98-year lease or life estate.
What are the benefits of a homestead exemption?
- When you file for a homestead exemption, you’re entitled to a deduction of $25,000 off your property’s assessed value. Filing for this benefit could potentially knock hundreds (or even thousands) of dollars off your owed property tax this year!
- If your property’s value is $75,000 or more, you’re entitled for another $25,000 deduction from your property’s assessed value.
- Homeowners age 65 or older or those with a disability can qualify for an additional homestead exemption.
- Filing for homestead exemption ensures that the assessed value of your property cannot increase more than 3% each year. That tax savings can also be transferred to another property if you choose to move within the state.
- There are several other criteria to be eligible for other exemptions! Each county in Florida differs, so be sure to visit your county property appraiser’s website. My fellow Sarasota County residents can find out if they’re eligible for other homestead exemptions here and apply online here.
What info do I need to apply for a homestead exemption?
Each county in Florida has varying requirements to apply for a homestead exemption. Most counties require the following items, but I recommend checking your county property appraiser’s website for more details and requirements.
- A recorded deed for your homestead property
- Tax bill for your homestead property
- Florida driver’s license or Florida state-issued ID
- Your Social Security number (and your spouse’s if married)
- Permanent resident card, if you’re not a U.S. citizen
- Florida vehicle registration, if applicable
- Declaration of Domicile or Florida voter registration
- Copy of entire trust agreement if property is held in a trust
How do I apply for homestead exemption?
There are several ways to apply. You can apply online through your county property appraiser’s website. You can also apply in person at the property appraiser office(s) within your county, but be sure to have all the required documents in hand before you arrive. I also recommend calling the office in advance to ensure they’re allowing people to apply in person during the pandemic.
Don’t forget that March 1, 2022, is the deadline for all Florida counties!