Since January 2020, hundreds of thousands have relocated to Florida for the desirable weather and lifestyle preferences, calling it their new permanent residence. If this is true for you and you're a new homeowner, you should consider filing Homestead Exemption. Homestead Exemption entitles qualifying homeowners a deductible up to $25,000 off of a property's assessed value. Some see a combined deductible as high as $50,000 immediately based on the property's value and the home's worth. Even better, there are additional tax incentives for other qualifiers, including the homeowner's age. Also, tax savings can be transferred to a new Florida residence if your lifestyle requires you to downsize or increase your square footage. The best part is that the assessed value of your property cannot increase more than 3% per year. A property appraiser can inform you of all the additional tax exemptions you may be entitled to.
What you need to know
- To file for Homestead Exemption, you must be a permanent Florida resident and occupying the home as of January 1, 2022, or have a beneficial interest under a 98-year lease or life estate.
- You can file online, by mail or in-person at the Property Appraiser offices of Sarasota, Manatee, Charlotte, Desoto, and Lee counties
- You need to bring several pieces of documentation with you and documentation requirements vary by county, method of filing and office
Find all the information on Homestead Exemptions in the latest edition of MSC Title Talk below. https://issuu.com/michaelsaunders/docs/msctitle-newsletter2020q4 Your MSC Title Team is available to answer questions and assist with your title needs. Contact Laura Bowers at laurabowers@msctitle.com or 941.552.5211.
