File for Homestead Exemption

After closing and the deed has been recorded, then you can file for Homestead Exemption.  Pursuant to Fla. Stat. 196.031, in order to qualify for a homestead exemption, as of January 1st of the tax year in question, you must have either legal or beneficial title to the property for which you are seeking an exemption, and the property must be the permanent residence of either yourself or someone who is legally or naturally dependent on you.

There are numerous financial benefits to having a homestead exemption on your property.  On the most basic level, the homestead exemption itself entitles most homeowners to a deduction of $25,000 off of their property’s assessed value, which can result in several hundred dollars in tax savings.  If your home is worth at least $75,000, you will receive an additional $25,000 deduction from your assessed value, although that additional deduction will not apply to school tax levies.  Once you establish your right to a basic homestead exemption on your property, you may also qualify for additional homestead exemptions if you are over 65 years old or have a disability.

Another benefit of applying for Homestead Exemption is that pursuant to the Save Our Homes Amendment to the Florida Constitution, the assessed value of your homestead property cannot increase more than 3% per year or the percent change in the Consumer Price Index.  Moreover, in many cases, this tax savings can now be transferred to a new Florida residence if you move.  Thus, while the basic homestead exemption may only save you a few hundred dollars per year, the rights that come with a homestead exemption can be extremely valuable.

You can file for Homestead Exemption Online, by Mail, or in Person.   In order to file on-line, you must have received a Homestead Letter from our office with your individually assigned User-Login and Password. You should receive this packet approximately 4 to 6 weeks following your real estate closing.

Online site to file: https://www.ocpafl.org/Exemptions/hx_file.aspx

Infinity Realty Group
20 S Main St #260
Winter Garden
,
FL
34787

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