All legal Florida residents are eligible for a Homestead Exemption on their qualified homes, condominiums, co-op apartments, and certain mobile home lots. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. While a complicated formula is used to explain this — as the additional $25,000 only applies to the non-schools portion of your tax bill — the bottom line is that the basic homestead exemption could save a homeowner hundreds to thousands of dollars in annual tax savings for all homes with a value of $75,000 or higher.
You are entitled to a Homestead Exemption if, as of January 1st, you have made the property your permanent home or the permanent home of a person who is legally or naturally dependent on you. By law, permanent residence is determined on January 1st of each year. Please make sure you file for the Homestead Exemption in a timely manner or you could miss out on these tax savings.
When qualifying for Homestead Exemption, you will need the following documents for all owners applying:
- Florida Driver’s License or Florida ID if you do not drive
- Florida car registration
- Florida Voter’s ID (if you vote)
- Immigration documents if not a U.S. citizen.
Documents should reflect the address of your homesteaded property.
Click here to learn more about Portability and the potential tax savings.