How To Get Your Florida Homestead Exemption | Full Guide
Are you considering purchasing a home in Palm Beach County Florida or already own one? If so, you may be interested in taking advantage of the state’s homestead exemption. The homestead exemption is a valuable tax break for homeowners, allowing them to save money each year on their property taxes. This can be a significant amount of savings for homeowners and can help to make owning a home in Florida more affordable. In this article, we will discuss the details of the Florida homestead exemption and how to take advantage of this tax break.
Understanding the Florida Homestead Exemption
What is the Homestead Exemption?
The Florida Homestead Exemption is a property tax exemption for qualifying Florida homeowners. It provides a tax exemption on the assessed value of a home. The homestead exemption can apply to all taxes, including school district taxes, and also offers protection against forced sale due to creditors.
How Much is the Homestead Exemption?
In the state of Florida, the homestead exemption can save homeowners up to $50,000 of their assessed home value. The exact amount varies depending on the county and the type of property, but in general, homeowners in Florida can expect a savings of up to $50,000 of their home’s assessed value. This exemption is a great way for Floridians to reduce their property taxes and keep more money in their pocket.
The Florida Homestead Exemption also qualifies for the 3% Cap Save our Homes (SOH). The cap limits any increase to the assessed value of a homesteaded property to a maximum of 3% each calendar year.
Who is Eligible for the Homestead Exemption?
To be eligible for the homestead exemption, the homeowner must have owned and resided in the home as their primary residence as of January 1st of the tax year they are applying for. The exemption is available for all permanent Florida residents who meet these requirements, regardless of age or income level. Furthermore, they must have a valid Florida driver’s license or identification card. These are just a few of the Florida homestead exemption rules and requirements.
How Do You Claim Your Homestead Exemption?
To claim the exemption, homeowners must fill out an application form from their local county property appraiser’s office and provide proof of ownership and residency. The amount of the exemption varies based on the assessed value of the home, but can be up to $50,000.
In Palm Beach County Florida there are 3 ways to apply for the Florida homestead exemption:
- E-File @ Palm Beach County Florida Homestead Exemption Application Online
- Complete the application online and mail it to:
Palm Beach County Property Appraiser’s Office
1st Floor, 301 N. Olive Ave.
West Palm Beach, Florida 33401
- File in person at one of Palm Beach County’s five service centers. For a complete list of service centers visit Palm Beach County Service Centers
*Please note, once you apply for your homestead exemption in Palm Beach County you will not have to refile each year.
What Happens if You Don’t Claim Your Homestead Exemption?
For those living in Florida, claiming the homestead exemption is highly recommended. Without the exemption, homeowners could be subject to higher taxes, which can greatly increase every year because there is no SOH cap to prevent them from doubling. So while a homestead exemption isn’t required it’s financially beneficial to have it and doesn’t cost a dime to apply for it.
What are Some Things to Consider When Claiming Your Homestead Exemption?
There are a few things to consider before filing for the Florida homestead exemption. Make sure to research the eligibility requirements for the homestead exemption in your county, as these may vary depending on the area. Additionally, be aware of which taxes it applies to, as some exemptions may only apply to certain types of taxes. Lastly, make sure to apply for the exemption before the deadline in order to avoid any late fees. Taking these steps will ensure that you get the most out of your homestead exemption in Florida.
Claiming your homestead exemption in Florida can be a great way to save money on your property taxes each year. It is important to research the eligibility requirements and understand which taxes the exemption applies to in order to make sure you are getting the most out of your exemption. Additionally, make sure to file your application before the deadline otherwise you may need to wait an entire year before it goes into effect.
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About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “How To Get Your Florida Homestead Exemption | Full Guide”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
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