Attention Florida residents, there is still time to file for Florida Homestead Exemption! Homestead Exemption is reserved for Florida residents. You must own, not lease, the property and it must be your permanent residence as of January 1st of the tax year to qualify.
What is considered a permanent residence?
There is no time calculation to a permanent residence, no specific number of days, weeks, or months spent in the home to qualify. The Palm Beach County Property Appraiser Exemption Services website defines the permanent residence as the address listed on your voter’s registration card, driver’s license or ID, the place where you register your cars and file your income tax.
What does Florida Homestead Exemption do?
Homestead Exemption means a decrease in the assessed value of your property. The exemption deducts $25,000 from your assessed property value before the taxes are calculated. There can be an additional $25,000 deducted depending on the assessed value of the property. The result is a substantial savings to Florida resident homeowners.
After you qualify for Homestead Exemption, you also qualify for the 3% Save Our Homes. The assessed value of the property cannot increase more than 3% per year. The assessed value cannot exceed the market value of the property; therefore, any increase is not automatic. If you have recently moved from a property where you qualified for Homestead Exemption and are planning on applying for you’re the new home, you can also apply for the Portability Exemption, an extension of the Save Our Homes benefit that allows you to transfer all or a portion of your previous benefit to the new home.
Application for Homestead Exemption must be filed by March 1, 2018. For more information and to submit an electronic application, visit Palm Beach County Exemption Services or Martin County Homestead Exemption websites.