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Common Questions about Homestead Exemption

I am sure from time to time you have heard your Realtor mention the term Homestead Exemption when talking to you about the property taxes. Reviewing the tax information on the property description and letting you know that the taxes are higher or lower because the current owner has or doesn’t have a homestead exemption on the property. Here are some of the more common questions regarding homestead exemptions in Florida to help you understand a little more what it is and how it works. 

What exactly is a Homestead Exemption?

A homestead exemption in Florida allows you to reduce the taxable value of your home; in some cases, it can reduce the taxable value of your home by as much as $50,000 per year. Depending on the assessed value of your home, the exemption will remove portions of taxable value, making some exempt from all property taxes, including local school district taxes, some fully taxed, and some exempt except for school district taxes. Review your county’s website to learn more about the breakdowns and the assessed value of your home. 

Who is eligible?

Currently, to be eligible for the tax savings of a homestead exemption in Florida, you have to meet a few requirements:

1.) You must own property in Florida 

2.) The property you are claiming must be your permanent residence 

3.) You have to have lived in that property on January 1st of the tax year. For example, for 2022 property taxes, you must have lived in the property on January 1st, 2022, to qualify. 

4.) You can not rent the property for more than 30 days in a given calendar year. 

How to get the exemption?

To get the exemption, you must fill out the application form and show proof of residence no later than March 1st of the calendar year you would like to begin receiving the homestead exemption. Please select the counties listed below to find out where to fill out the application.

Sarasota County 

Manatee County

Charlotte County

Pinellas County

Hillsborough County 

Other counties visit your county’s property appraisers website and search for “Homestead Exemption.” 

Do I need to reapply every year? 

No! The great thing about the Homestead Exemption is that once you apply once you don’t need to reapply year after year. However, you will have to notify the state when you are no longer eligible for the exemption. Below are some of the reasons you would no longer qualify for the homestead exemption:

1.) Sale or change of ownership of the property 

2.) You rent the property for more than 30 days in a calendar year 

3.) The home is no longer your primary residence

Remember if you have any questions on Homesteading your new property or just questions about real estate in general, our team of Realtors is here for you. Don’t hesitate to reach out!

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