FLORIDA HOMESTEAD EXEMPTIONWhen most people talk about the Florida Homestead Exemption they are referring to the tax break one gets from owning their own home as a Florida resident. The home is known as a "Florida homestead". This exemption, along with Florida having no income tax, is just another attractive feature of living in the Sunshine State. There are at least two other big advantages, however, to being a Florida resident and living in your own home. When you make it your Florida homestead, you get three important benefits: 1. Reduction of Ad Valorem Property Taxes. The Florida Constitution has been amended to reduce the value of a home by $50,000 for assessment of property taxes. This means that if a Florida homestead is worth $100,000, it would be taxed as if it is only worth $50,000. The second $25,000 of the exemption does not apply, however, to the school portion of property taxes. It also only applies to the third $25,000 of a home's total just value (meaning the portion of a home's value between $50,000 and $75,000. The exemption also caps the rate at which home assessments can be increased each year. Though a county or city can change millage rates, the assessed value of the home can only be increased a certain amount due to the "Save Our Homes" amendment to the Florida Constitution. This amendment caps the annual amount of increase to a home's assessed value to the lesser of 3% or the rate of inflation, and it can only be increased over a 10 year period. So whatever the original assessed value was, it will never be more than about 30% more in the future. 2. Protection From Creditors. The exemption offers almost "bulletproof" protection from forced sale to meet the demands of creditors or judgments. There are exceptions to this rule, but most people are protected under normal conditions. 3. Protection To Surviving Spouse Or Minor Child. The exemption protects a spouse in several ways. It restrains the homeowner from selling the property without spousal approval; it prohibits the homeowner from leaving the home to someone other than the spouse or minor child without making special provisions; and the Florida Homestead Exemption for property taxes attaches to the surviving spouse. HOW TO OBTAIN A FLORIDA HOMESTEAD EXEMPTION The elected Property Appraiser of the county your home is located in is responsible for maintaining the exemption program. Getting an exemption is not automatic; you must follow procedures. You are required to submit paperwork to the Property Appraiser; in a few Florida counties, the process can be handled online. In either case, you will be required to show documentation that you are a Florida resident. DISCLAIMER Florida Backroads Travel is not licensed or qualified to give legal advice. We have attempted to describe the Florida Homestead Exemption program accurately, but a definitive answer must be obtained by the homeowner from either an attorney or the Property Appraiser's office in the county of residence. Here is an official governmental internet resource for additional information on the Florida homestead exemption:
State of Florida Department Of Revenue Click here if you are looking for information about the town of Homestead, Florida south of Miami.
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