It is time for Florida residents to start thinking about filing for homestead exemption. In our first newsletter of 2020, we're breaking down the benefits and requirements of this money saving measure. Here is a little refresher, so you can check it off your list.
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Is Florida going to be your primary residence?
If so, don’t miss out on huge tax savings! If you qualify for homestead exemption, you are entitled to a deduction of $25,000 off of your property’s assessed value. This can result in saving several hundred dollars in taxes! If your home is worth at least $75,000 you will receive an additional $25,000 deduction on your property’s assessed value. You may also qualify for additional homestead exemptions if you are 65 years or older or have a disability. But most importantly, by filing for homestead exemption, this means that the assessed value of your property cannot increase more than 3% per year. This tax savings can now be transferred to a new Florida residence in case you move. For more details about homestead exemption, please visit your county’s property appraiser’s website.
"You may be entitled to additional tax exemptions. For a complete list of qualifying exemptions, please contact the property appraiser."
UPDATED 1/21/2020 - Important Announcement
In order to file for Homestead Exemption you MUST be a permanent Florida resident and occupy the property as of January 1, 2020 or have beneficial interest under a 98 year lease or life estate. For second-home owners seeking to claim homestead in Florida. If you have property in other states, but consider Florida as your primary residence, check with the property appraiser in the state where you own the other property and inquire as to whether you are receiving “ANY” tax break. Property owners have in the past owed back taxes upwards of $800,000 simply from unknowingly claiming a tax break in another state. As seen in the Sarasota Herald-Tribune, this is often the result of a title company employee incorrectly assigning the vacation property as a primary residence upon closing.
Where And How To File For Homestead Exemption
You may file online*, by mail, or in person at the locations below. *Note filing online will require more information and documentation than filing in person. SARASOTA COUNTY PROPERTY APPRAISER Telephone: 941.861.8200 Office Locations: 2001 Adams Lane • Sarasota, FL 34237 4000 S. Tamiami Trail, Suite 115 • Venice, FL 34293 MANATEE COUNTY PROPERTY APPRAISER Telephone: 941.748.8208 Email: exemptions@manateepao.com Address: 915 4th Avenue W. • Bradenton, FL 34205 CHARLOTTE COUNTY PROPERTY APPRAISER Telephone: 941.743.1593 Email: records@ccappraiser.com Office Locations: 410 Taylor Street • Punta Gorda, FL 33950 18500 Murdock Circle • Third Floor • Port Charlotte, FL 33948 6868 San Casa Drive • Englewood, FL 34224 DESOTO COUNTY PROPERTY APPRAISER Telephone: 863.993.4866 Address: 201 East Oak Street, Rm 102 • Arcadia, FL 34266 LEE COUNTY PROPERTY APPRAISER Telephone: 239.533.6100 Email: exemptions@leepa.org Address: 2480 Thompson Street • Fort Myers, FL 33901
WHAT TO BRING
May vary by county. Check your county’s property appraiser website for more details.
- A recorded deed for your homestead property
- Tax bill for your homestead property
- Florida driver’s license or Florida state-issued ID
- Social Security numbers for yourself (and spouse if married)
- If not a U.S. citizen, your Alien registration card
- Florida vehicle registration
- Declaration of Domicile or Florida voter registration
- Copy of entire trust agreement if property is held in a trust
Stay tuned for the next MSC Title Talk, and let us know what you want to hear about in the comments below! To talk to one of our title professionals today, call 941.552.5211.
