Homestead Exemption in Florida

Florida law allows up to $50,000 to be deducted from the assessed value of a primary / permanent residence. The first $25,000 of value is entirely exempt. The second $25,000 exemption applies to the value between $50,000 - $75,000 and does not include a benefit on the school tax. After receiving the homestead exemption the first year, any annual increase in the assessed value is capped at the lower of 3% or the percentage increase in the Consumer Price Index (CPI), with certain exceptions.   There are certain requirements for claiming homestead exemption in the State of Florida.

 

  • The owner must have legal or beneficial title by January 1 of the year of the application.
  • The statutory filing deadline is March 1. If it falls on a weekend or legal holiday, then it would extend to the next business day.
  • The owner must establish Hillsborough County as his/her legal domicile, reside on the subject property as of January 1 and be a US citizen or Permanent Resident.
  • Owner must show proof of Florida residency (i.e. Driver license) A "Valid in Florida" designation on your Florida driver license is not acceptable. A Florida Identification Card with an out of state driver license is not acceptable.
  • If you are active duty military, you may qualify by providing us proof of Florida residency such as Florida driver license or LES (Leave and Earnings Statement)
  • Proof of Citizenship (i.e. voter registration or permanent resident card)
  • Owner should provide the address of the property, tax bill or deed/title.
  • Social Security numbers for your spouse and any owner who resides on the property. (FL Stat 196.011(11)).
  • If you have a mobile home, you will need your title or registration to the mobile home and the deed to the real estate. The mobile/manufactured home will need to be declared Real Property.
  • If the property is held by a Trust, the beneficiary of the trust with the right to occupy the home may also be entitled to homestead exemption. (See other important facts or FL Stat. 196.041(2)).

 

There is also a tremendous amount of information available at:

http://floridarevenue.com/property/Pages/Taxpayers_Exemptions.aspx


When you move within Florida you also have the ability to carry over the additional exemption as a "tax portability".  This is the difference between the just market value and the assessed value.  You complete one form to transfer this difference to your new home.