David Shippey

What is Homestead Exemption?

Posted By David Shippey @ Feb 28th 2023 8:39am In: Winter Haven News

What is Homestead Exemption?

If the property is your primary residence, Florida provides up to a $50,000 exemption on your property taxes. For example, if your home is valued at $300,000 and you have a $50,000 homestead exemption (because the home is your primary residence), you will only be taxed on $250,000 instead of $300,000 value. This exemption could save you about $1,000 a year on your property taxes!

How do I get the exemption?

A couple checkpoints are required to obtain the homestead exemption. You must own the home prior to January 1 to receive homestead exemption for the following year. You also must file for homestead exemption with your county's property appraiser prior to March 1 for that tax year. (You do not need to file every year; this is a one-time task.)

When you buy a home, you typically receive the current homeowner’s tax exemption for the rest of that year. Filing for homestead exemption with your local property appraiser's office will ensure those benefits continue the following year.

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