January 24

Homestead Exemptions

0  comments

The homestead exemption application deadline is March 1 and fast approaching.  So, if you bought a house in 2016 and did not already apply for a homestead exemption, now is a good time to head over to the Hillsborough County Property Appraiser website and apply

What Is A Homestead Exemption?

Florida homeowners may 'homestead' their properties and receive certain protections and benefits under Florida law. One of the most common benefits is the tax exemption status. Say you bought a house in 2016, Florida law allows a maximum of $50,000 to be deducted from the assessed value of your property. Think of it in the same way as a 'deduction' on your income taxes.  

In order to take advantage of this benefit, you must

  • hold title to a home in Florida; and
  • use the home as your permanent residence.

Oh, there is another perk for homeowners. To protect Florida homeowners from large tax hikes in any given year, the assessed property value caps at an annual rate of 3% per year.

Are There Other Exemptions Available?

Here are some of the other exemptions available to homeowners:

How To File For A Florida Homestead Exemption?

In Hillsborough County, you may file online or in person. Once you're on the county appraiser website, you'll notice that their instructions are pretty straight forward. Just be ready because you will need certain documents ready when filling out the online form, such as your Florida Driver License or Identification cards; Vehicle and Voter registrations.

Have any questions? Please hit me up with a reply in the comments section below or send me an email at [email protected] and I'll be glad to answer.


Tags


You may also like

Leave a Reply
{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Get the 'low-down' on what your neighbor's home sold for