What is Florida Homestead Exemption?
If you purchased a home in from S&D Real Estate Services in 2016 to use as your primary residence, then you are one of the lucky families who get to file for Florida Homestead Exemption. Homestead exemption means that you pay property taxes on a lesser amount that the actual assessed value of the home you own as long as you live in it. In Florida, everyone that meets the Homestead Exemption requirements is entitled to $25,000 exemption on your taxes. An additional exemption of up to $25,000 more applies to the assessed value of homes over $50,000. This exemption can save you quite a bit of money when it comes time to pay your annual taxes, so you don’t want to miss the opportunity to file. Another perk is that Homeowners Exemption provides a 3% cap on the amount a property’s assessed value can increase per year. This cap protects homeowners from large tax increases taking place in years when real estate values rise rapidly.
When Should You File?
Homeowners are entitled to file for a homestead exemption on a home they purchased, moved into, and legally made their permanent residence as of January 1 of the current year. Which means if you purchased a home in 2016 and are living there now, you need to file for Florida Homestead Exemption. The application deadline is March 1st. If you don’t fill one out you may lose your rights to the Homestead Exemption for this year. Once you have completed the application process, your exemption will automatically renew each year as long as you continue to own and live in the home.
How to File for a Florida Homestead Exemption?
You can file for Florida homestead exemption on the Property Appraiser website. The following documentation is required for the application process:
- Social Security card/ number
- FL Drivers License
- Permanent Resident card – for Non-US Citizens
You will also need any two of the following forms of Florida Residency
- Florida Voter Registration
- Florida Vehicle Registration
- Proof of payment for utilities (Electric, cable, gas)
- Formal declaration of domicile recorded in the public record
- School location for dependent children
- Employment verification
- Federal Tax Return
- Bank statement
For more information or to file for the Florida Homestead Exemption, you can go to the Polk County Property Appraiser website.