If you bought a home last year AND it is your primary residence; you should file for homestead exemption. Who else needs to file? If you moved into a home you already owned AND it’s your primary residence. If you already have homestead exemption & you changed the title (put the home in a trust, added a name, removed a name, etc) Here is what you need to do.
You had to have moved into the home prior to December 31.
Get a copy of the deed or tax records showing this.
You will need to have your driver’s license (or state ID updated to the new address)
Vehicle registration/Florida Tag number
Address you file your IRS Tax returns
The benefit of filing for homestead exemption is that it will lower your home’s taxable value by $25,000 and there is also a good possibility that your home qualifies for an additional $25,000 reduction. There are additional exemptions for widows & disabled veterans too.
Another benefit from homestead exemption is the Save Our Homes cap.
“In 1992, the Florida Constitution was amended to limit the annual increases in the assessed value of property receiving Homestead Exemption to 3% or the percentage change in the Consumer Price Index, whichever is lower. This assessment limitation is commonly referred to as the ‘Save Our Homes’ or ‘SOH’ cap.”
The Save Our Homes also has the benefit of portability when you sell your homesteaded property and purchase another.
“The ‘Save Our Homes Portability’ benefit became available in 2008, and is your opportunity to transfer the dollar value difference between the assessed value and market value of your prior Homestead property to a new Homestead property anywhere in the State of Florida. The maximum amount that can be transferred to your new Homestead is $500,000.”
So, if you own the property you are living in and it is your primary residence; there is a benefit to filing your homestead exemption. Please let me know if you have any questions about this.
Eric Larkin is a Broker Associate with Real Broker, LLC. He lives, works, and plays in the Cocoa Beach area. If you have questions about moving or relocating to Cocoa Beach and the Space Coast, let me know! I get calls, texts, direct messages & comments on my posts every day about the real estate market and things that are happening in Cocoa Beach and the Space Coast that I love answering. Ask me your questions on moving, relocating here, or anything about the community. I am here to help. I have been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. My focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.
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