After getting so many homestead exemption questions, I wanted to give my clients some key benefits at your disposal with Florida’s homestead exemption. Florida’s homestead exemption is much more generous than other states, and it’s a topic that often confuses and intimidates homeowners. Here’s a quick video about homestead exemption benefits as well as some links & resources for you to file for homestead exemption effectively.
Homestead Exemption Information & Resources
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Top Benefits of Florida Homestead Exemption
A quick rundown of the top Florida homestead exemption benefits as well as pertinent resources to get you all the information you need.
Property Tax Exemptions
When given homestead on a property, you may be eligible for up to $50,000 off the taxable value of your home. More information can be found at the DOR Property Tax Information PDF, which goes over the steps the homeowner must take and where the tax exemptions are allocated. There are additional homestead tax exemptions for senior citizens, veterans, active-duty military, and others that you can find here.
Save Our Homes
Save Our Homes consists of the Assessment Limitation and the Portability Transfer. The Save Our Homes Assessment Limitation means that after a home receives homestead exemption, it’s assessed value each following year cannot increase more than 3%. The Portability Transfer applies when moving from a previously homesteaded property to a new homesteaded property. If a homeowner is eligible, they can transfer some of all of their SOH benefit to their new homestead, lowering the property’s taxable value. Here is more information on Save Our Homes.
Another benefit that homesteaders in other states do not enjoy is the homesteaded Florida property’s protection from creditors. In short, a homeowner whose property is homesteaded cannot be forced to sell the home to make good on a judgment against them. It’s important to note that a homeowner can still be foreclosed on.
I hope this Florida homestead exemption information was helpful for you. If you or anyone you know has a real estate need or question that I can tend to, I’m always at your complete disposal.