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Not filing for a Homestead Exemption will likely cost you money. What is a Homestead Exemption? A Homestead Exemption accomplishes three main things – it reduces your property tax bill, protects you from creditors, and protects a surviving spouse when the other home owner dies.
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There are a number of exemptions outlined in state law (Florida Statute 196) that can lower your property’s value and ultimately save you money in property taxes. This includes the homestead exemption which allows for a deduction of up to $50,000 off the assessed value of a property owner’s primary residence.
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All documentation must be dated prior to January 1st of the tax year for which you are applying for exemption. If the property is jointly owned, ALL owners who reside on property should make application. Where Can I Apply for Homestead Exemption? New applications for homestead, Senior exemptions, widow’s, widower’s or disability exemptions for the current year must be made in person prior to March 1.
Florida Property Tax Homestead Exemptions. Other Possible Exemptions In addition to the $50,000 Homestead Exemption, there are other exemptions available that could possibly reduce your tax bill. additional homestead Exemption for Persons 65 and Older of up to $25,000 This exemption is available on a county-by-county basis,
The shift could save homeowners. year if the exemption, effective Jan. 1, is approved. Amendment 2, Limitations on Property Tax Assessments, another property tax proposal referred by the.
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How to Apply for a Homestead Exemption in Florida. The homestead exemption in Florida can save you hundreds of dollars in property taxes for permanent Florida residents. If you qualify, you can reduce the assessed value of your homestead.
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