Per the Florida Department of Revenue, any Florida resident who owns and occupies the property as their permanent residence or whose legal or natural dependent occupies the property as their permanent residence on January 1st of the year claiming the exemption, may be eligible to receive a homestead exemption of up to $50,000. The first $25,000 applies to all property taxes. An additional exemption of up to $25,000 more applies to the assessed value on homes between $50,000 and $75,000. The homestead exemption also provides a 3% cap on the amount a property's assessed value can increase per year, which protects homeowners from large tax increases. 

Once you complete the homestead exemption application and submit it to your county property appraiser's office, your exemption will automatically renew each year as long as you and your dependents continue to own and reside in the property. Although the homestead exemption may not be transferred- in the event you move from an existing Florida property to a new Florida property- you may be able to transfer all or part of your homestead assessment difference, which will lower the assessed value and the taxes for the new property. Find out more in the Save Our Homes Assessment Limitation and Portability Transfer brochure. 

There are other property tax benefits available to Florida homeowners, in addition to the homestead exemption- provided the eligibility requirements are met- such as Property Tax Benefits for Active Military Duty and Veterans and Property Tax Benefits for Persons 65 or Older. Click here for answers relating to your property tax questions, find out about additional exemptions you may qualify for, or obtain information on the Florida Homestead Exemption and property tax benefits for homestead properties. September 19, 2016, is the "late file" date Florida allows for 2016 exemptions if you miss the March 1st deadline. 

Do not delay- complete your Homestead Exemption application today.

 

Florida Peninsula Insurance Company is one of Florida's top homeowners insurance companies. We strive to combine the latest technology with old-fashioned fast, fair, friendly customer service and claims processing. If you are in the market for a home insurance quote, give us a call at 877- 229-2244 or visit the get a quote section on our website.