One of the biggest benefits of buying a home in Florida is filing for homestead exemption. You are eligible for homestead exemption in Florida if you are closed on and living in your property on the first of the year. In this blog, we examine the benefits as well as the process of filing for homestead exemption.
Benefits Of Homestead Exemption
Homestead exemption decreases the assessed value of your property by up to $50,000, which decreases your tax liability at the end of the year. Additionally, it caps future increases to your property taxes by no more than 3% per year.
How To File For Homestead Exemption
So, how do you file? Well, it depends on the county in which you live. Typically, you can file in person or online. Check with your specific county to ensure you have the correct documents and filing process.
When To File For Homestead Exemption
The deadline to file for homestead exemption is March 1st of the year in which you’re filling. If you purchased your home with us, we will be sending you an email reminder to ensure you don’t miss out on this incredible benefit of owning a home in Florida.