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 property. If you purchased the property in 2008 then it is time to file for homestead now, 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. Thus, allowing approximately an additional $240 savings on their tax bill..
Homeowners may apply for homestead between January 1 and March 1, for the first time. If they do not file by March 1 they may lose their rights to homestead for that year. They 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 an owner must have moved into the home prior to January 1, 2009 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.
This article is authored by Sandy Shores, Melbourne FL Realtor, Brevard County Florida's Space Coast.
that for you
Hi Sandy, This sounds like a great savings for Homeowners. How are taxes paid in your area? In advance or in arrears?
Hey Miss Mary, It is a great deal, although homeowners feel the exemption should be much higher because property values had gone so high in 2005. Here property taxes are paid in arrears. But, value of a home is actually determined in January. Taxes bills are sent at the beginning of November for that year and an owner has till the 30th to pay without a surcharge. Otherwise, they can pay by the end of March. Now some are complaining because with values being determined in January and bills not going out till Nov., these days, the value often times has dropped, but homowners do not get the benefit of that drop. Of well, you can't please all the people all the time!
Hi Sandy
Timely post, the active link is a big help.
Good luck and success
Lou Ludwig
Hi Lou, Always a great reminder to buyers in January. Thanks for stopping by. Hoping you're making it a great day!
Sandy,
Great information! I bet people love reading what you post.
Ann Hayden in sunny but cold Wildwood, Missouri
Sandy: Saving money on taxes is a big deal. This is a great post for area residents that may assume they will automatically get this deduction.
Hey Ann, Thanks for the great compliment. So much appreciated. coming from you.
Hi Chris, So true. It's very important that buyers that purchased last year, file their homestead for the first time, because after the first of the year it will not automatically transfer over to the new owner.
Sandy, You have really become a great public service announcement spokesperson. This is really interesting to all of us...
Hi Paul, Filing homestead is an important step for every homeowner in saving money here in Florida. Thanks, I hope you are well.
Sandy,
You are quite welcome!
Ann Hayden in ferociously windy Wildwood, Missouri