The beginning of a new year starts the “tax season” when everyone is collecting their details from 2022 income and expenses to prepare for the April 15^th IRS tax filing deadline.  Florida residents have a tax exemption that not all states provide.

Residents who hold title to a home in Florida and use the home as their permanent residence may establish their residence as a homestead.  Floridians who homestead their residence receive a homestead exemption, which reduces the amount of property taxes owed, and a person who holds title to more than one residence in Florida may only homestead one residence.

Specific Details

Applicants must reside in the home and have legal title to the property as of January 1^st to be eligible to file for this tax exemption and first-time applicants must file an application with the county property appraiser’s office on or before March 1^st.  If the application is filed after the March 1^st deadline, the homestead exemption will not take effect until the following year. 

Some counties mail a renewal card on or before February 1^st of each year, but others do not require yearly renewal.  However, if an individual no longer qualifies for the homestead exemption and fails to notify the county, the law provides for payment of penalties and interest. 

Currently, homeowners are entitled to a $25,000 homestead exemption from the assessed value the home for city, county, and school board taxes.  Homeowners are entitled to an additional $25,000 exemption from city and county taxes (but not school board taxes) if the property’s assessed value is greater than $75,000. 

There are additional exemptions applied to homestead as follows:

• a surviving spouse who has not remarried
• a homeowner who is blind
• a totally and permanently disabled nonveteran
• a totally and permanently disabled first responder
• a disabled veteran or surviving spouse while veteran was on active duty

It is very important to contact the proper government authorities for the latest updated information on amounts and how to go about filing for these exemptions.

The Florida Department of Revenue has information concerning Florida tax exemptions posted at:

http://floridarevenue.com/property/pages/taxpayers_exemptions.aspx

View the Department of Revenue’s official application for filing homestead exemption at:

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