Homestead Exemption Deadline Approaching
Every year between January 1 and March 1, Florida residents have the ability to file for a Homestead Exemption on their primary residence. It is important to note once your Florida Homestead Exemption has been granted, your exemption will automatically renew every year unless your circumstances have changed, i.e. you turned your primary residence into a rental property or chose to move your Homestead elsewhere.
There are significant financial advantages to procuring a Florida Homestead.
Some benefits include:
• Up to $50,000 removed from the Assessed Value of your property
• “Save Our Homes” Amendment which caps the potential year over year increase in assessed value at the lesser of 3% or the rate of inflation
• Providing superior spousal protection against creditors
• Allowing protection for unlimited dollar amount on value of homestead property as long as the property occupies no more than .5 acres in a municipality or 160 acres outside a municipality
When you add the aforementioned benefits along with the fact that Florida has no state income tax, you can see why many retirees and working age alike choose Florida as their primary residence.
For more information about the exemption and to see if you qualify, you can visit the county Property Appraiser website.