What The Exemption Does. The homestead exemption allows you to save on property taxes by allowing you to exclude a portion of your home’s value from assessment. The amount of tax you owe is calculated based on the difference between your home’s value and the exemption amount. For example, if your home is valued at $250,000.
The homestead exemption deadline varies by state and normally falls in the spring. There’s still a chance to save on your property taxes with these steps.
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For example, for the 2011 tax year, you would have been able to apply for homestead exemption from January 1, 2010 to March 1, 2011. When filing your homestead exemption for the first time, you will be asked to provide evidence that you are a legal resident, such as a voter registration card or a Florida driver’s license.
Homestead exemptions remove part of your home’s value from taxation, so they lower your taxes. For example, your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000.
Florida law allows homeowners to apply for homestead exemption by filing an application with the property appraiser where the they reside by March 1st. According to Florida law, January 1 of each year is the date on which permanent residence is determined.
Homestead can reduce your taxable value on your home as much as $50,000, saving you approximately $750 annually. More importantly, your assessed value, which is used to calculate your property taxes, cannot increase more than 3% annually after you are granted the exemption.
The March 1st deadline to apply for a Florida homestead exemption is rapidly approaching. If you moved to a new home within the last year, this is a deadline you do not want to miss. $500 Widow/Widower Exemption.
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The exemption removes a portion of your value from taxation providing a lower tax amount for the homestead property. How do I qualify for the general homestead exemption? In order to qualify for this exemption you must have owned and occupied the property as of January 1st of that tax year. This property must also be your principal residence.