Florida Real Estate Taxes - Save money with Homestead Exemption

You can save money on your Florida real estate taxes if you qualify for a homestead exemption.

Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead tax exemption (a tax deduction of $50,000) on the assessed value of their home.

Applicants who qualify must file by March 1st and must have been residing in their home from January 1st of the filing year.

If you elect to have a Florida Homestead Tax exemption, your property also qualifies for "Save Our Homes”.

The "Save Our Homes" act is a Florida state law that limits any increase in assessed value of properties with the Homestead Exemption to 3%, or the Consumer Price Index change, whichever is less, in the second consecutive year the exemption is received.

This means that the initial year's assessed value becomes the base value for the 3 percent increase limitation. The following year, the assessed value cannot rise more than 3 percent.

The requirements for entitlement to a homestead exemption are:

1. As of January 1, the applicant had legal or beneficial (equitable) title to the real property; and,

2. As of January 1, the applicant made that property his/her permanent residence- must reside in Florida a minimum 6 months of the year.

3. If not a U.S. citizen must provide a copy of a permanent resident card.

Information about Florida Real Estate Taxes