What is a Homestead Exemption? When Homestead Exemption is mentioned it usually congers antiquated laws that no longer apply to modern life. Although, you may not want to break out that banjo and hum out the lyrics to home on the range. Homestead Exception, especially in Florida, is a law that helps many homeowners.
Typically, a Homestead Exemption is used to protect the homeowner from being forced to sell their home to pay for debt. A normal, situation is when a spouse dies and the Florida Homestead Exception is used to protect the living spouse from being forced out of their home.
Homestead Exemption is great for Florida homeowners! If you have owned your home, aka property, since January 1st of this year and it’s your permanent residence it is eligible for Florida’s Homestead Exemption. This exception is up to $50,000. The First $25,000 will apply to all property taxes applied to the home. An additional $25,000 of the exception applies to the assessed value of the property. You or your spouse may file for Florida’s Homestead Exemption. The property accessor is likely going to ask you for proof of residence, such as voter Registration, a Utility Bill or a Driver’s License.
We almost forget to mention, in Florida you must file to receive Homestead Exemptions. It’s true! It is not an exception that is simply passed onto you as a citizen of Florida. While we are providing a quick summary of the law, it is always best to consult and hire an attorney if you should have several questions about the best route to take with Homestead Exemptions. In order to receive a homestead exemption usually you must file this in person with the county between January and March 1st. Your county may be different, you will want to consult with the country property assessor for more details.
Have any more questions about Homestead Exemptions, let us know! We want to hear from you. We offer free consultation, because our motto is, “live life and leave the legal stuff to us!”