Homestead Exemption for New Homeowners in Florida

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What Is the Homestead Exemption?

The Florida Homestead Exemption is a property tax benefit available to homeowners who use their Florida home as their primary residence. This exemption can significantly reduce your property tax bill and provide valuable protections against rising assessments.

If you recently purchased a new home in Florida, filing for the homestead exemption should be one of your top priorities to maximize savings on your property taxes.

Benefits of the Homestead Exemption

1. Property Tax Savings

  • Reduces your home’s assessed taxable value by up to $50,000.
  • The first $25,000 applies to all property taxes, including school district taxes.
  • The second $25,000 applies to non-school taxes for properties assessed at $75,000 or more.

2. Protection Against Property Tax Increases (Save Our Homes Cap)

  • Limits the annual increase in your home's assessed value to 3% or the rate of inflation (whichever is lower).
  • Protects homeowners from significant tax increases due to rising property values.

3. Asset Protection

  • Florida’s homestead laws provide strong protections against forced sale by creditors, with certain exceptions such as mortgage debt or unpaid property taxes.

Who Qualifies for the Homestead Exemption?

To qualify, you must:
 ✔️ Own and occupy the home as your primary residence as of January 1st of the year you’re applying.
 ✔️ Be a permanent Florida resident.
 ✔️ Not claim a homestead exemption on another property in Florida or any other state.

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How to Apply for the Homestead Exemption

1. Gather Required Documents

You'll need the following to complete your application:

  • Florida Driver’s License or ID showing your property’s address.
  • Florida Vehicle Registration (if applicable).
  • Florida Voter Registration Card (if registered to vote).
  • Copy of your property’s deed or tax bill.
  • Documentation of permanent Florida residency (if applicable).

2. Submit Your Application

  • Apply through your county property appraiser’s office.
  • Many counties allow online applications.
  • Application deadline: March 1st (for the tax year you want to claim).

Find your local property appraiser’s office

3. Check Your Exemption Status

After applying, confirm your homestead exemption is reflected in your property tax assessment when you receive your Notice of Proposed Property Taxes (TRIM notice) in August.

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Frequently Asked Questions (FAQ)

What Happens If I Miss the March 1st Deadline?

If you miss the deadline, you cannot receive the exemption for that tax year but can apply for the next year. In some cases, counties may allow late applications with proper documentation.

Can I Transfer My Homestead Exemption to a New Home?

Yes! Florida’s Portability Benefit allows homeowners to transfer some or all of their Save Our Homes Cap savings to a new primary residence. You must apply within two tax years of selling your previous home.

Do I Need to Reapply Every Year?

No, the homestead exemption automatically renews as long as you maintain your Florida residency and primary residence status. However, you must notify the county if your residency status changes.

What If I Own My Home in a Trust or LLC?

Certain trusts may still qualify for the homestead exemption, but you should consult with a real estate attorney or tax professional to ensure eligibility.

Need Help? Let Ben Laube Homes Guide You!

Understanding property taxes and exemptions can be confusing, but we’re here to help! Whether you're buying a new construction home or relocating to Florida, our team at Ben Laube Homes can guide you through the process and ensure you maximize your savings.

📞 Call us today at 407-707-6456
 📩 Email us at sales@benlaubehomes.com
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