Checking If You Qualify For Homestead And What Is It

Dated: 10/18/2018

Views: 43

Deadline for Homestead In order to meet the application deadline you must apply by March 1st of the year for which you are claiming the exemption. March 1 of each year is the last day to submit a timely filed homestead exemption application.


Checking if you qualify for Homestead

  1.  Live in the home for the entire year. 

  2.  You can only take a homestead exemption for a year if you live in the home as of January 1st.

  3.  Accordingly, you can’t move to Florida during the year and claim a homestead exemption for that year. 

  4. For example, say you move to Florida on January 15, 2017. You can’t claim a homestead exemption for 2017. However, you can claim the exemption for 2018.

  5.  Check if the home is your permanent residence.

  6.  You can only get the exemption if your home is your permanent residence.

  7.  There are no set number of days you must be in Florida.

  8. If you vote, you vote in Florida, 

  9.  If you drive, you have a Florida driver’s license.

If you claim another residency-based exemption in another state, then you aren’t a Florida resident and you can’t claim the homestead exemption in Florida.


 How much is Homestead Exemption 

Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. 

For example, your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000. 

What does it mean to have Homestead on your home

In certain states, homeowners can take advantage of what's called a homestead exemption. Basically, a homestead exemption allows a homeowner to protect the value of her principal residence from creditors and property taxes. 

A homestead exemption also protects a surviving spouse when the other homeowner spouse dies.

Blog author image

Manuel Quiros

My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....

Latest Blog Posts

NEW LAKEFRONT CHAIN OF LAKES LISTING

http://sites.snapairphoto.com

Read More

3 Wonderful Opportunities At 55 Plus Community Twin Fountains

3 wonderful opportunities to move into 55+ community Twin Fountains in Lake Wales where you own your land.Which one would you prefer?1) a beautiful large double wide Homes of Merit with 3 bedrooms,

Read More

NEW LISTING COMING SOON

Beautiful Winter Haven Lakefront 3/2 home on 0.54 acre lot located at  Lake Winterset (Chain of Lakes). Call Patricia de Graaff at 863-307-0061 to schedule a!

Read More

You Can Rely On Me

Finding the perfect home isn't always easy, but you can count on me to help you navigate the home search process. Send me a message with what you're looking for and I'll help you get started today!

Read More