If you own a home in Florida, and live in it as your primary residence, then Florida law typically allows you a $25,000 tax exemption on the assessed value of the property. If you purchased the property in 2009, then it is time to for you to file for homestead, as it doesn't automatically transfer to a new owner, at the start of the new year. An application must be filed. After that, the exemption automatically renews, if you remain eligible.
Homestead exemption may allow a Florida homeowner a savings of approximately $450 on their yearly tax bill. And, with the passing of Amendment 1, many homeowners may be entitled to an additional $25,000 in exemption for a total of $50,000, on the assessed value of their property. Thus, allowing approximately an additional $240 savings on their tax bill..
New homeowners may apply for homestead between January 1 and March 1, for the first time. You must have purchased your home prior to December 31, 2009. If you do not file by March 1 you may lose your rights to homestead for that year. You should complete an application (Form DR-501). It must then be submitted to the property appraisers office. The pdf form can be downloaded here.
In order to apply for homestead for the first time, an owner must have moved into the home prior to January 1, 2010 and it must be considered your primary residence. With the completed homestead application an owner must provide a
1- Florida Driver License or Florida ID card.
2. Florida vehicle registration
3. Brevard County Voters Registration card
4. Social security number or social security card
5. If not a US resident, a Resident Alien Card
6. A copy of the trust, if the property is in a trust
7. The recorded deed to the property.
If you would like additional information on Homestead Exemption here is the link for the Brevard County Property Appraisers office.
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County, Florida's Space Coast Real Estate & Investing
I buy, sell, rent, own and manage Investment Property.
that for you
Good reminder, Sandy. That exemption is real money although maybe not a lot!
Sandy good reminder. It amazes me how many people don't realize they haven't filed their homestead exemption. I guess they have money to waste.
That is an interesting fact that a state is actually trying to stimulate home ownership Sandy!
Your friend from Washington State!
Paul
Hi Sandy, That would be a good savings I think, and well worth making the application. Good information for you area!
Sandy,
This is really cool for the home owners...
Ann Hayden in Wildwood, MO
Sandy, you have provided some really valuable information to the folks who will greatly benefit from the homestead exemption!
Bravo, Sandy, it is always great to get a reminder about Florida homestead!
Sandy, I didn't even know this...and sure wish we had it here. What a wonderful deduction for homeowners!
Thanks for the reminder and the link to the form. The date always sneaks up on you! It would be nice for agents to send the information to their 2009 clients, it's a real money saver that they'll remember you for.
Gary, You know that one of the great things about it, is that once you file initially, it automatically renews every year.
John, It is a shame when people forget to file for their homestead exemption. It's savings that is there for the taking.
Paul, It's a great program for owner of principal residences.
Hi Mary, It is a great savings. It's a great way to reward homeowners.
Ann, It is very cool.
Caren, We try to remind new homeowners to go and file for it their first time, as many don't remember.
Wendy, It's a great program for Florida homeowners.
Carole, For once I'm able to tell you about something that you didn't know about it. I'm usually always learning from you instead.
Jeff, Each January I like to call my homebuyers from the previous year and send them a reminder letter to tell them to be sure to file their homestead exemption.