Florida is a Homestead State
What is Homestead?
The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse.
Every person who has legal or equitable title to real property in the estate of Florida and who resides thereon and in good faith makes it his or her permanent home is eligible to receive the homestead exemption.
Homestead exemption is $25,000.00 deducted from your assessed value before property taxes are calculated. There are other deductions available, check the county’s website to view the options of eligibility.
If you purchased the home after January 1st of the current year then you won’t qualify for the homestead exemption until the following year.
You cannot have homestead exemption in more than one state. It is only available at the primary residence. If you own more than one home in different states, such as second or vacation homes you cannot have homestead in them
Homestead portability
When a homeowner sells their primary residence the estate of Florida allows a them to “port” or transfer all or a portion of the tax benefit up to $500,000.00 to a new property.
How to apply for Homestead?
Online: at your county’s property appraiser website.
Items needed:
- Recorded Warranty Deed must be already showing on the property appraiser’s website of your county.
- Drivers License must be showing the address.
- Settlement Statement ALTA or HUD, must be fully executed (signed by both buyer, seller and title agent).
- One utility bill.
- For non US citizens a copy of their permanent resident card.
