- Property Tax Savings: The primary benefit of filing for a homestead exemption in Florida is the potential for property tax savings. The homestead exemption reduces the assessed value of your home for property tax purposes, resulting in lower property tax bills. Florida’s homestead exemption can exempt up to $50,000 of the assessed value of your primary residence from property taxes, excluding school district taxes.
- Save Money on Taxes: By reducing your property tax bill, the homestead exemption can save you hundreds or even thousands of dollars each year in property taxes. This can make homeownership more affordable and help you manage your housing expenses more effectively.
- A cap: A cap known as the “Save Our Homes” limits any annual increase to the assessed value of homestead property for tax purposes to 3%. I
- Portability Option: Florida offers a homestead exemption portability option that allows homeowners to transfer a portion of their homestead exemption benefits when moving to a new primary residence within the state. This can provide additional tax savings for homeowners who are upsizing or downsizing their homes.
- Supports Homeownership: The homestead exemption in Florida is designed to encourage and support homeownership by making it more affordable for residents to own their primary residences. By reducing property taxes, the homestead exemption helps make homeownership accessible to a broader range of individuals and families.
- Automatic Renewal: Once you qualify for the homestead exemption in Florida and file the necessary paperwork, the exemption typically renews automatically each year as long as you continue to meet the eligibility criteria. This eliminates the need to reapply for the exemption annually, making the process more convenient for homeowners.
Why you should file for homestead exemption!
