Homeowners: File Now for Homestead Exemption

Last year’s homebuyers can submit homestead exemption applications before March 1 – their once-per-year chance to apply for up to a $50K property tax reduction.

ORLANDO, Fla. – New homeowners – and especially first-time homeowners – can lower their home’s estimated value for tax purposes by up to $50,000 if they apply for and receive a homestead exemption.

However, they only have two months to do so through their county property appraiser, which can be found online. Applications must be in before March 1, 2023.

The exemption rewards Floridians who live in the home. Of the $50,000 exemption, the first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000 applies to the assessed value between $50,000 and $75,000 and only to non-school taxes. (See section 196.031, Florida Statutes.)

If applying for the first time, they Florida Department of Revenue says new homeowners should be prepared to answer the following questions:

  • Whose name or names were on the title on Jan. 1?
  • What is your Social Security number and your spouse’s Social Security number?
  • Were you or your dependent(s) living in the dwelling on Jan. 1?
  • Do you claim residency in any other county or state?

Property appraiser may ask for any of the following to prove residency:

  • Proof of previous residency outside Florida and the date ended
  • Florida driver license or identification card number
  • Evidence of that a driver license from another state was given up
  • Florida vehicle license plate number
  • Florida voter registration number (if U.S. citizen)
  • Declaration of domicile and residency date
  • Name of current employer
  • Address listed on last IRS return
  • Dependent children’s school location(s)
  • Bank statement and checking account mailing address
  • Proof of payment of utilities at homestead address

If moving from one Florida homestead to a new one, owners may be able to transfer – or “port” – all or part of their existing homestead assessment difference. Their county property appraiser will offer more information about the process.

© 2023 Florida Realtors® Reprinted with permission Florida Realtors®. All rights reserved.


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