Homestead Exemption
$25,000 Homestead Exemption
Every person who has legal title to a residential property in Florida and lives there permanently qualifies for homestead exemption. You must be a permanent resident of Florida on January 1 of the initial application year. You may either apply by mail or in person at any time through the year but the deadline is March 1 of the qualifying year.
A copy of your deed and proof of residency is required. You may submit a copy of your Florida driver’s license, voter’s registration or permanent residency card. In lieu of a pending permanent resident alien card, we will accept Federal Form I485, “Approval Notice for application to adjust to permanent resident status.”
Additional Homestead Exemption
An additional Homestead Exemption benefit up to $50,000 went into effect January 1, 2008. The exemption amount remains at $25,000 for a property with an assessed value up to $50,000. Beginning at $50,000 and continuing through an assessed value of $75,000, the new additional benefit will increase with the increase in the property’s value. A property with an assessed value of $75,000 or more will receive the full $50,000 exemption amount. Residential property owners who currently receive a homestead exemption and who continue to qualify for the exemption will automatically receive the additional benefit. No further application is necessary. The standard $25,000 Homestead Exemption will continue to apply to all tax levies. The additional exemption applies to all tax levies except school districts.
Portability
Residential property owners with a qualified Homestead Exemption can transfer all or a significant portion of their “Save Our Homes” benefit to their new property. Portability allows you to transfer up to $500,000 of your property’s actual 3% assessment cap to your new property anywhere in Florida. Keep in mind there are no changes to the existing assessment cap benefit under Florida’s Save Our Homes provisions.
Below are additional exemptions
Senior Citizen Exemption
Certain seniors who are 65 or older may be eligible for an additional exemption on their property’s assessed value.
$5,000 Disabled Veterans Exemption
U.S. Military personnel with a service-connected disability of 10% or more are entitled to a $5,000 exemption. If filing for the first time, please provide a letter from the U.S. Veteran’s Administration that verifies your disability.
If you are the surviving spouse of a disabled veteran, you may be entitled to retain the $5,000 exemption.
Combat-disabled Senior Veterans
Combat-disabled veterans who are now over the age of 65 with a qualified Homestead Exemption and were Florida residents at the time they entered the service, may be eligible for an ad valorem tax discount.
$500 Widow/Widower Exemption
A widow or widower who is a legal and permanent resident of Florida qualifies for this exemption. If the surviving spouse remarries, they are no longer eligible. If the husband and wife were divorced before their spouse’s death, the survivor is not eligible.
Granny Flats
An assessment reduction may be granted to qualified residential property owners who build an addition to their house to accommodate their parents or grandparents, age 62 or older. The existing house must already hold a qualified Homestead Exemption. The parent or grandparent must make the Granny Flat addition their primary place of residence and have no other residency-based benefit in Florida or any other state.
The Granny Flat application needs to be renewed annually.
$500 Disability Exemption
People who are permanently disabled are eligible for this exemption. If applying for the first time, please provide a Physician’s Certificate from a licensed Florida physician.
Total Exemption
Civilian quadriplegics and honorably discharged veterans who are totally and permanently disabled are exempt from ad valorem taxation. You will need to submit a Physician’s Certification form.
Specialized Exemptions
Certain properties in Florida are not subject to certain ad valorem taxes. Among these are qualified government properties, or qualified organizations that own and use their property for educational, religious, literary, charitable, educational or scientific purposes.
Historic Exemptions
Under certain circumstances, Historic Exemptions are granted for properties designated by the county or a municipality as landmarks. The exemption applies to only a portion of the property’s value.
Frequently asked questions regarding the Florida “Save Our Homes” also known as the 3% Cap.
Q. What does the 3% cap mean to Florida residents?
A. The cap limits the increase in the annual assessment of homesteaded properties in Florida to 3%, or to the percentage change in the Consumer Price Index, whichever is less.
Q. Who qualifies for this benefit?
A. You must own and live in a residential property that already qualifies for Florida’s Homestead Exemption benefit.
Q. Does the 3% cap limit property taxes?
A. No, it is a cap on the assessed value of a homesteaded property, not on the taxes paid. Florida also allows a 10% cap on non-homesteaded properties, such as second homes or Commercial properties.
Q. Does the 3% cap change the way property values are estimated by the Property Appraiser?
A. No, the responsibility of the Property Appraiser’s Office is to determine a property’s market value to annually produce a fair and equitable tax roll.
Q. What happens to the cap when I sell my homesteaded property and buy a new house?
A. The cap is removed and the value is increased to market value as of Jan. 1 of the following year. If the home you purchased was subject to the cap, the cap is removed and the value is increased to market value the following Jan. 1. In certain cases, a homesteaded property may benefit from Portability which allows you to transfer part of the 3% savings from your old homesteaded property to your new residence.
*The above homestead information was taken from the Palm Beach County Property Appraiser’s website as of 8/4/2010.
