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By Djinji Crocker

What is the Homestead Tax Exemption?

If you bought a home in 2023 and it is your permanent residence, don't forget to apply for the Homestead Tax Exemption before March 1, 2024, so you can save on your taxes! about the property!

The Homestead Tax Exemption in Florida is a tax benefit that reduces the taxable value of your primary home, which lowers your property taxes. To apply, you generally must apply between January 1 and March 1 of the tax year you want it to take effect, especially if you purchased the property in the last year.

Florida homeowners may be eligible for additional exemptions and benefits to reduce their property tax liability. The “Save Our Homes” homestead exemption and assessment limitation helps thousands of Florida homeowners save money on their property taxes each year. More benefits available for homeowners with disabilities, seniors, veterans and military service members active duty, disabled first responders, and properties with specialized uses.

In Florida, a $25,000 exemption applies to the first $50,000 of your property's assessed value if it is your permanent residence and you owned it on January 1 of the tax year. This exemption applies to all taxes, including those of the school district.

When you make a property your permanent residence, you may be eligible to receive a “Homestead Exemption” that reduces the taxable value by up to $50,000, qualifying the property for the “Save Our Homes” assessment limitation. Although the exemption is not transferable, you can "carry" some or all of the appraisal difference to a new property in Florida.

For local information, contact your county property appraiser. The Broward County Property Appraiser's website is: https://bcpa.net/. The property appraiser determines whether a parcel qualifies for an exemption. If you need help applying for this exemption or have any questions, please contact me and I can guide you. Step by Step.

Requirements:

1. You must own and occupy the home as your PERMANENT residence by January 1 of the year for which you are applying.

2. You must be a US citizen or US permanent resident and resident of Florida starting January 1.

3. You cannot claim or receive any type of tax exemption on any other property in the US.

4. You must complete an exemption application with your county property appraiser by the legal deadline of March 1.

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