Trimming Your Property Tax
Applying for Florida Homestead Exemption
Now you own this beautiful Orlando home. What next?
You can apply for Florida Homestead Exemption. This is unique benefit for homeowners who claim their Florida home as their permanent residence. There are financial benefits to applying for a Florida Home Exemption.
Florida Homestead Benefits
- Save money on your tax bill. You will automatically get $25,000 deducted from the assessed value, and an additional $25,000 if your home is over $50,000 assessed value. A lower assessed value will lower you property tax due.
- Annual tax increases are capped under Save our Homes Limitation. 3% or Consumer Price Index whichever is less.
- You can transfer your tax benefits under Save our Homes Transfer when you purchase your next Florida home. You can transfer your Florida Homestead Exemption savings instead of starting over. Another smart move is to be sure you hire an exclusive buyers agent when buying your next home.
You will need Proof of Residency
You will need to occupy the home before January 1st to obtain tax savings for that next year and apply before March 1st. So you would need to close on your home by December 31, 2016, for example, in order for Florida Homestead Exemption to go into effect for tax year 2017. You would need to apply also before March 1st, 2017.
You should get application instructions in the mail from county in which the home resides or you can apply online through the County’s Property Appraisers website.
- Orange County Property Appraiser Online Filing
- Seminole County Property Appraiser Online Filing
- Lake County Property Appraiser Online Filing
- Osceola County Property Appraiser Online Filing
- Polk County Property Appraiser
- Volusia County Property Appraiser
Other tax savings exemptions
- Additional property tax saving for persons over 65 with a limited income.
- Veterans service related partial or total disability maybe eligible for additional tax discounts.
- Total Disability, Paralyzed, Blind, and Widows may receive additional tax savings and exemptions.
You cannot claim homestead exemptions in two States at the same time or on more than one property. If there is more than one owner on the title to the property, and one of the owners is claiming another home as their permanent residence, that property maybe eligible for only a partial homestead exemption. You are not eligible for Florida homestead exemption benefits if you use your home as second home, vacation residence, or rental property.
Buying a Home? Consider using an exclusive buyers agent, they specialize in home buying and can answer all your home buying questions! Buyers Broker of Florida can service your needs in Central Florida and surrounding counties. 407-539-1053