Have You Filed for Your Homestead Exemption Discount?
If Florida is your primary residence and you own or are buying a home, you can qualify for our Homestead Exemption discount. What is that? The discount can take the first $50,000 value of your home and make that portion property tax free. How much is that? It depends on your millage rate. But, it can save you $1,000 to $2,000 a year in property taxes. If you are paying a mortgage and the lender is paying your taxes, that could reduce your payment by $80 to $165 a month.
In addition to the Homestead Exemption discount, Florida offers another savings in the Save Our Homes program. This program works with the Homestead Exemption discount and limits the amount your property taxes can increase each year to no more than a 3% increase. How much does that save me? It could be more than the Homestead Exemption. Without the Save Our Homes program, your property taxes could increase by 10% each year.
To file for Homestead Exemption is very easy. Most counties allow you to do it online. Check your county Property Appraiser website.
The deadline is March 1st of every year. At the time of this post, that is only 2 days away. Don't delay.
What if I bought my home several years ago and did not know about this so I never filed? You can file now and start taking advantage of this property tax savings.
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