What Is the Florida Homestead Exemption?
The Florida Homestead Exemption is a property tax break that can potentially reduce the taxable value of your property by as much as $50,000.
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Written byNick Dauk
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6+ years writing about insurance, travel, and personal finances
Contributor to brands like Credible
In addition to insurance, Nick specializes in writing about business, entrepreneurship, personal finance, and travel. He’s been featured in myriad web publications, including Fox Business.
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Edited byAshley Cox
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If you’re a Florida homeowner who permanently resides on your property, you should be aware of the Florida Homestead Exemption. This property tax exemption can potentially decrease the taxable value of your home by as much as $50,000.[1]
You may also qualify if you own the home and your dependent lives on the property.
But before filing out a homestead exemption application, you must remember two things: First, not all Florida residential property owners are eligible for this exemption. Second, this exemption is divided between all property taxes and non-school taxes.
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How the Florida Homestead Exemption works
The Florida Homestead Exemption can reduce your property tax burden by as much as $50,000 in taxable value. But how this $50,000 is applied is specific.
Initially, you’ll receive a $25,000 exemption on the first $50,000 of the assessed value of your property. This applies to all property taxes, including school district taxes.
The remaining $25,000 is an additional exemption that applies to the assessed value between $50,000 and $75,000. This $25,000 doesn’t get applied to all property taxes like the initial $25,000 does. Instead, it’s exempt from non-school taxes.
For example, imagine your home is valued at $75,000. The first $25,000 would be exempt from all property taxes, the next $25,000 would be taxed normally, and the final $25,000 would be exempt from non-school district taxes.
Property taxes on Florida homes can increase the cost of homeownership significantly, especially when you consider the rising cost of homeowners insurance. The approximate home value in Florida is $382,000, according to Zillow.[2] If you use a house of that assessed value as an example, the homeowner would be eligible for a $50,000 homestead exemption. This would then lower the assessed value of their property taxes to $332,000.
Important Information
The Florida Homestead Exemption only works on real property, which includes all land, buildings, fixtures, and improvements upon the land.[3] This means you can’t just own the improvements on the land — you must own the physical land itself to qualify.
In addition, you must reside on the property as your permanent home. This means vacation homes and rental properties aren’t eligible for the homestead property tax exemption.
How much can you save with the Florida Homestead Exemption?
The Florida Homestead Exemption can range in potential savings depending on the assessed value of your home and the property tax rate in your county.
For instance, the Miami-Dade Property Appraiser reports that homeowners in that county could save approximately $800 in taxes through the use of the exemption.[4]
Save Our Homes (SOH) cap
As property taxes fluctuate due to annual reassessment from property appraisers, there’s potential for the assessed value of the home and the just value of the home to be unbalanced.
The Save Our Homes (SOH) assessment limitation cap is designed to prevent homeowners from having their taxes assessed at a substantially higher or lower level due to these incongruent values.
The SOH benefit is the accumulated difference between the house’s full market value and its assessed value, but it only kicks in when the homeowner is in their second year of homestead exemption.
No matter how much the value of the home increases or decreases in a particular year, the assessed value can’t exceed a certain limit: either the percent change in the Consumer Price Index or 3% of the previous year’s assessment, whichever is lower.
Only residential properties in the state of Florida that have an existing homestead exemption qualify for the Save Our Homes assessment cap.[5] The cap can be transferred to spouses, including a surviving spouse, and when the same homeowner is eligible for the homestead exemption before and after the transfer.
Unfortunately, a general change of ownership, including sale, foreclosure, and title change, as well as the loss of a homestead exemption, will make the property lose its SOH benefit.
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What Is a Property Survey, and How Do You Get One?
Eligibility requirements for the Florida Homestead Exemption
To be eligible for a Florida homestead tax exemption, whether it’s your first time filling out an original application or you’re trying to get a new homestead exemption for the latest house you’ve purchased, you must:
Legally hold the title of the home from January 1 of the year you’re applying for the exemption
Be a permanent resident on the property as of January 1 of the year that you’re applying for the exemption
Be prepared to show proof of Florida residency, like a Florida driver’s license, and proof that you’re a U.S. citizen
Not all legal Florida residents qualify for a homestead exemption. For instance, just because you’ve received the state’s homestead exemption in a previous year doesn’t mean you’ll qualify in consecutive years. While you won’t need to reapply with a new application form each year, you’ll need to alert the county that you no longer qualify for a renewal.
Who doesn’t qualify for the Florida Homestead Exemption?
You might not qualify for the Florida homestead exemption if:
You don’t own the property your home is built or parked on.
You don’t consider the home your primary residence.
You rent out your home for a certain number of days per year.
You purchased the property after Jan. 1 of the calendar year in which you’re applying for an exemption.
You didn’t live on the property until after Jan. 1 of the calendar year in which you’re applying for an exemption.
You missed the deadline to file for an exemption application or you don’t have the following documentation: legal title of the property, proof of Florida residency, or proof of U.S. citizenship.
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How to apply for the Florida Homestead Exemption
Applying for a Florida Homestead Exemption during your first year of eligibility is relatively straightforward.[6] Just follow these three steps:
1. Gather documentation
Gather the necessary documents, including a Florida driver’s license or Florida identification card, Florida car registration, Florida voter’s ID, and either proof of U.S. citizenship or immigration documents. Each of these documents should show the address of the homestead property.
2. Choose your filing method
Choose how you want to file for the Florida homestead tax exemption. You have three options for filing: e-file online, print and mail the application (Form DR501), or file in person at a county service center.
3. File your application
Submit your filing no later than the March 1 deadline.
You’ll receive information telling you if your application was approved or denied.
If approved, you don’t need to reapply each year; the county will send you a notice of renewal when it expires on Dec. 31 of the approved year. But if you no longer meet the eligibility requirements, you’ll need to inform the county or face a homestead tax lien.
Does the Florida Homestead Exemption expire?
The Florida Homestead Exemption doesn’t expire as long as you keep your residency status and don’t make any changes to the title on your property. Your exemption will renew automatically each year in January.
Can you keep the Florida Homestead exemption if you move?
You can’t keep the Florida Homestead exemption if you move. But some homeowners can effectively “keep” their Florida Homestead Exemption assessment difference if they move via portability.
People who are moving from a previous homestead in Florida to a new Florida homestead may be able to transfer all or some of their Florida Homestead Exemption assessment difference to their new permanent residence. This transfer is called a port, and to retain the SOH benefit, the homeowner needs to apply for the port with the county property appraiser.
Other Florida property tax breaks to consider
A homestead tax exemption isn’t the only way Florida residents can save money on their property taxes. There are additional exemptions and tax breaks to consider that are designed for applicants with prior military service, older adults receiving Social Security benefits, and people with disabilities.
These exemptions include:
Additional homestead exemption for people age 65 and older: Senior citizens age 65 or older on Jan. 1 can qualify if they meet an adjusted gross income limitation. People who qualify may receive an additional exemption of up to $50,000.
Disabled veterans homestead property tax discount: This is available for all disabled vets with a total and permanent disability. Depending on their disability level, they may receive an extra $5,000 exemption or 100% exemption.
Widow/widower exemption: Widows or widowers must have still been part of a legally married couple at the time of their spouse’s death. They may qualify for a $500 exemption.
Disability exemption: Quadriplegic, and income-limited paraplegic, wheelchair-bound, hemiplegic, or legally blind residents may qualify for 100% exemption.
Surviving spouses of first responders: According to the Fallen Heroes Family Tax Relief Act, surviving spouses of law enforcement officers, correctional officers, firefighters, emergency medical technicians, and paramedics who died in the line of duty may receive a 100% homestead property exemption.
Florida Homestead Exemption FAQs
Many Florida property owners qualify for the Florida Homestead Exemption, but not all residential real estate owners in the state of Florida do.
Here are answers to important questions about Florida Homestead Exemption eligibility and how this exemption can be transferred from one property to another.
Who’s eligible for a homestead exemption in Florida?
To qualify for a homestead exemption in Florida, a homeowner must meet eligibility requirements.
First, you must legally hold the title of the home, reside on it, and establish it as your legal domicile with the county. This must all be true as of January 1 of the year you file. You must also show proof of U.S. citizenship and Florida residency, as well as provide the Social Security number of any co-owners of the property and the deed, title, address of the property, or tax bill.
You must file all of this by March 1 of the tax year you wish to claim a homestead exemption for.
When should you file for a Florida Homestead Exemption?
You should file for a Florida Homestead Exemption as soon as you can, even if that means pre-filing prior to the year you’re eligible for a homestead exemption. Florida law says the homeowner must own and occupy the homestead as of January 1 of the year they’re applying for a homestead exemption.
The homeowner then has until March 1 of the current tax year to file for a homestead exemption. But depending on the date you mail the Notices of Proposed Property Taxes forms, you have up to 25 additional days beyond March 1 to file.
How long does the homestead exemption last in Florida?
The Florida Homestead Exemption will last for as long as you’re eligible, and it’ll renew automatically every year in January.
What is the homestead exemption rate in Florida?
Florida doesn’t have a single homestead exemption “rate.” Instead, you’ll get a $25,000 exemption on the first $50,000 of your property’s assessed value. The remaining $25,000 is an additional exemption that applies to the assessed value between $50,000 and $75,000.
Is the Florida Homestead Exemption available for mobile homes?
The Florida Homestead Exemption is only available for mobile homes that meet certain criteria. Specifically, the homeowner of the mobile home must also own the property it resides on. If the mobile home owner rents or leases the physical property beneath the mobile home, they aren’t eligible for a Florida Homestead Exemption.
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Sources
- Florida Department of Revenue. "Property Tax Information for Homestead Exemption."
- Zillow. "Florida Home Values."
- The Florida Senate. "2012 Florida Statutes."
- Miami-Dade County. "Frequently Asked Questions - Exemptions."
- City of Jacksonville. "Save Our Homes - Assessment Cap on Homesteaded Property."
- Palm Beach County Proprietary Appraiser. "THE HOMESTEAD EXEMPTION."
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Nick Dauk
Nick Dauk is a freelance writer specializing in business, entrepreneurship, personal finance, and travel. His work has been featured in Fox Business, BBC, The Edge, Business Insider, and Bisnow. Nick is a first-generation college graduate, having majored in Interdisciplinary Studies at the University of Central Florida. His eclectic coursework, combined with previous managerial roles in the retail and broadcast television industries, have helped him develop an interdisciplinary approach to writing.
For nearly a decade, Nick has created content for mom-and-pop businesses and global corporations. As a travel writer, his global adventures have also been featured on Inside Hook, Houston Chronicle, Culture Trip, and Matador. When he's not traveling, Nick can be found in Orlando spending time with his wife and toddler.
Nick has been a contributor at Insurify since October 2022.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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