A mortgage is one of the biggest single debts you’re likely to willingly take on. As such, being able to properly manage your mortgage is very important. With so many options when it comes to,
Checking If You Qualify For Homestead And What Is It
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
Live in the home for the entire year.
You can only take a homestead exemption for a year if you live in the home as of January 1st.
Accordingly, you can’t move to Florida during the year and claim a homestead exemption for that year.
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.
Check if the home is your permanent residence.
You can only get the exemption if your home is your permanent residence.
There are no set number of days you must be in Florida.
If you vote, you vote in Florida,
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.
My name Yadira “Gina” Vazquez also known as JerzyGna and I’m a Florida REALTOR®, my office is located at 264 Central Ave Winter Haven, FL. I hold a Community Association Manager (CAM) License a....