If you purchased a new home in 2019 it's time to file for Florida Homestead exemption. Don't miss the deadline, it's free money in your pocket.
What is Florida Homestead Exemption?
There's three major benefits of a Homestead in Florida.
1. Every person who owns and resides on real property in Florida and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 of the assessed value of the dwelling applies to all property taxes, including school district taxes. The additional exemption up to $25,000 applies to the assessed value between $50,000 and $75,000 and only non-school taxes.
2. Homestead as referenced in the Florida Constitution: A homestead property is exempt from forced sale except for nonpayment of property taxes, special assessments, mortgage(s), construction liens and federalists; tax liens.
In other words, if you're in a lawsuit that doesn't include any of the above mentioned parts, no one can come after and take away your homestead.
3. Homestead exemption also puts a capping limit of 3% tax raises per year.
Do I need to file for Homestead every year? No, your exemption automatically renews and stays on the property for as long as you make it your primary residence.