Florida Homestead Exemption Benefits

Owning a Home in Florida Can Actually Save You Money on Property Taxes! Here’s How

Have you ever heard of Florida’s homestead exemption? If you own a home in the Sunshine State, you might be able to reduce your property tax bill and keep more of your hard-earned money in your pocket. Let’s dive into what the homestead exemption is, why it matters to you, and how you can apply for it!

What is Homestead Exemption?

Florida’s homestead exemption is a property tax break that can reduce the taxable value of your home. Essentially, it lowers the value that local governments use to calculate your property taxes. The less taxable value you have, the less you pay in taxes!

But that's not all! Homestead exemption also comes with an added bonus: your property taxes cannot increase by more than 3% each year (as long as you remain in the home). So, not only will you save money upfront, but you’ll also get some protection against large tax increases in the future.

Why Does It Matter to You?

You might be thinking, “Okay, this sounds great, but how much could I actually save?”

Good question! By reducing your home’s taxable value by up to $50,000, you could save around $750 per year on your property taxes. That’s a pretty nice chunk of change you could be using for other things—maybe a weekend getaway, home improvements, or just a little extra savings!

How Do You Apply for It?

Here’s the best part: Applying for the homestead exemption is easier than you might think. All you need to do is make sure you meet a few simple qualifications:

1. You must be the property owner.  

2. The home must be your primary residence (or the primary residence of someone you claim as a dependent on your taxes).

3. You must have lived at the property on January 1st of the tax year.                        

4. You need to apply by March 3rd, 2025

The great news is that you can apply for the exemption online, by mail, or in person at your county’s office. And once you’re approved, it will automatically renew each year—as long as the title to your property doesn’t change and your residency status stays the same. That means no more paperwork every year!

Need Help?

If you’re unsure whether you qualify or if you have questions about the process, don’t hesitate to reach out to your CPA. They can help you determine and guide you through the process.

The Florida homestead exemption is an easy way to save on your property taxes and protect yourself from large increases in the future. All it takes is a quick application and making sure you meet the basic requirements. It’s a win-win!