What is the Homestead Exemption?
The Homestead Exemption is a valuable property tax benefit that can save homeowners thousands on their taxable value. The homestead exemption is a way to minimize property taxes for homeowners. It is also a legal provision offered in most states that helps shield a home from some creditors following the death of a homeowner’s spouse or the declaration of bankruptcy. The homestead tax exemption can provide surviving spouses with ongoing property tax relief, which is done on a graduated scale so that homes with lower assessed values benefit the most.
The homestead exemption is helpful since it is designed to provide both physical shelter and financial protection, which can block the forced sale of a primary residence. However, the homestead exemption does not prevent or stop a bank foreclosure if the homeowner defaults on their mortgage. Foreclosure occurs when a bank takes possession of a home due to a failure to make timely mortgage payments.
Florida’s Homestead Exemption
In the state of Florida, a $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes. An additional exemption of up to $25,000 will be applied if your property’s assessed value is between at least $50,000 and $75,000. This exemption does not apply to school district taxes.
How Do You Qualify for a Homestead Exemption in Florida?
To qualify for the homestead exemption in Florida, individuals must occupy the property as their permanent residence prior to January 1 of the year for which they are applying. An applicant must be a U.S. citizen or a permanent U.S. resident and a Florida resident. Applicants cannot be claiming or receiving any type of tax exemption on any other property in the United States. An exemption application must be completed and submitted to the property appraiser in the county where the property is located by the statutory deadline of March 1.
Click on the link below for more information on Homestead Exemption for ALL Florida Counties:
Choice Mortgage Group
Choice Mortgage Group is dedicated to helping people improve their financial situations and create lasting memories through home ownership – one loan at a time. Our team of mortgage experts build customized solutions for each of our clients, based on their specific situations, goals, and objectives.
Specializing in residential mortgage lending for over 25 years, our programs include conventional and government lending, purchases, and refinances. We also offer portfolio lending for self-employed borrowers and borrowers with complicated tax situations.
South Florida is where Choice Mortgage Group started, and we like to call it home. We are devoted Florida Atlantic University Owls fans and are proud to be the official mortgage lender partner of FAU Athletics. We also support numerous other local organizations.
For more information about Choice Mortgage Group, visit www.choicemortgage.com.
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