Three things you need to know about Homestead Exemption
1. What the heck is it?
State law allows Florida homeowners to claim up to a $50,000 Homestead Tax Exemption on their primary residence.
2. Do I qualify?
You must meet 3 criteria to qualify:
• You are the legal owner of the property
• You must reside at the home as your permanent residence
• According to the official Dade County website, you must apply for the Homestead Exemption between January 1 and March 1 of the year in which you are seeking it
3. What is portability?
Property owners with Homestead Exemption also receive a benefit known as the “Save Our Homes” cap, which limits increases in the annual assessment of a home to a maximum of 3% regardless of the increase in market value. Homeowners can transfer (or port) the difference between the assessed and market values from their previous Homestead Property to another Homestead Property of up to $500,000.
Residing in Florida has several benefits beyond its beautiful year-round weather and picturesque beaches. The Homestead Exemption is just another example of why owning property in Florida has its perks. If you haven’t done so already, be sure to file for your Homestead Exemption now. Remember, the deadline is March 1.
Generally speaking, once your property receives homestead status, this status will stay in place until the property is no longer your Florida homestead. First-time Homestead Exemption applicants and persons applying for the Homestead Assessment Difference (Portability) can apply online and learn more by searching “Homestead Exemption” at miamidade.gov