Knowledge Monday - Homestead Exemption
If you are a property owner in Florida you may be eligible for an additional benefit that can reduce your property tax liability, the homestead exemption. To be eligible for the homestead exemption, you must be an individual that (1) owns a property, (2) has made that property your permanent residence, and (3) is a Florida resident. Receiving a homestead exemption can decrease your property’s taxable value by as much as $50,000!
To apply for the homestead exemption, you must complete Form DR-501, titled Original Application for Homestead and Related Tax Exemptions. This form can be found on the Florida Department of Revenue website. Be prepared to answer questions regarding your name, social security, date of birth, residency, property address, property legal description, and your previous address. Additionally, you must provide proof of residency in Florida by providing your Florida vehicle tag number, Florida driver’s license, Florida voter’s registration, current employer, bank statement and checking account mailing address, and proof of payment of utilities at the homestead address.
Under the Florida homestead exemption, the first $25,000 in property value is exempt from all property taxes, including school district taxes. However, if your assessed value is between $50,000 to $75,000, an additional $25,000 exemption is available for non-school taxes.
The application is due to the property appraiser by March 1st, therefore if you believe you might be eligible for the Homestead Exemption make sure to complete the application soon as the deadline is approaching!
If you would like to discuss your homestead status or property purchase contract, schedule a consultation with the experienced attorneys at Alvarez Law Group today. Call us at (786) 620-2820 or email firstname.lastname@example.org to schedule a consultation.
*Disclaimer: this blog post is not intended to be legal advice. *