If you own your home, and it is your primary residence you can be eligible for a homestead exemption. Which is an exemption on the assessed value of your home to lower the property taxes on that.
Homestead Exemption: What it is and why you want it!
Dated: January 16 2020
If you own your home, and it is your primary residence you can be eligible for a homestead exemption. Which is an exemption on the assessed value of your home to lower the property taxes on that home.
According to floridarevenue.com the official website for the FL Dept. of Revenue your property appraiser might ask you to verify that you’ve given up your drivers license in another state, ended your residency in another state, and/or your FL drivers license number, voter registration number or proof of payment of utilities at the location you’re claiming for your homestead exemption. You can find the application for homestead exemption on most property appraisers websites.
Florida’s Homestead Exemption allows you to take an exemption on the assessed value of your home up to a total of $50,000. The assessed value of your home is evaluated by a county property appraiser as of January 1st each year. The property appraiser takes into account the location, size, condition, replacement cost, any income, or proceeds from the sale of your property, as well as the fair market value (what a buyer would pay), and the highest and best use of the property.
The first $25,000 of the exemption is taken against all property taxes, including school district taxes, the second $25,000 only applies to non-school taxes. So if the assessed value of your home before the exemption was $85,000 The first $25,000 of value is exempt from all property tax, the next $25,000 of value is taxable, the third $25,000 of value is exempt from non-school taxes, and the remaining $10,000 of value is taxable.
Are you beginning to see why if you live in Florida full time you might want to apply for a homestead exemption? It allows you to significantly lower your property taxes by lowering how much of your home’s assessed value you’re paying taxes on.
With the deadline being March 1st now is the time to apply, or verify that your homestead exemption is still active.
Visit https://floridarevenue.com/faq/Pages/FAQSearch.aspx for any more questions. Or contact us and we’ll help you connect with someone at your local county appraiser’s office for more info.
Seminole County: https://www.scpafl.org/
Orange County: https://www.ocpafl.org/
Volusia County: https://vcpa.vcgov.org/index.html
Lake County: https://www.lakecopropappr.com/
Osceola County: https://www.property-appraiser.org/
Polk County: https://www.polkpa.org/
I started out studying to be a paralegal, I did really well in the real estate and contract classes. Around that time I bought my first property, a duplex, it was an amazing experience and it sparked ....