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What is a Homestead Exemption?

What is a Homestead Exemption?

In the state of Florida, if you own a home that is your primary residence, you can file for a Homestead Exemption. This exemption places a maximum property tax increase on your home of just 3%. It’s important to note that there are other exemptions you may be eligible for as well depending on your current situation.

If you purchased a home in 2022, the deadline to file for your Homestead Exemption is March 1, 2023. The criteria for eligibility is that you need to reside in the home by January 1 of your exemption will not take affect until the 2024.

When do I need to file for Homestead Exemption?

The deadline for filing for Homestead is March 1. You need to be a Florida resident and reside in your new home by January 1 to take advantage of that Homestead Exemption for the upcoming year. Otherwise, Homestead will take effect the following year. This article is an excellent source to give some clarity around the important Homestead filing dates.

Once you have received the deed for your new home in the mail, have your driver’s license updated with your new address and your vehicle registration updated, you can file your Homestead Exemption. The deed for your home is generally received 30 days after closing. If for some reason you have not received the deed, you can contact the Title Company that performed the closing or contact your realtor for assistance. We strongly advise clients to file as soon as they receive the deed in lieu of waiting for the deadline so you don’t forget.

How do I file for Homestead Exemption?

Filing for Homestead Exemption is easier now than in years past. You can file online or in person at your Tax Collectors office. You can find information for filing in either Duval County or St. Johns County below. Both sites are very detailed in what you will need to provide in order to file and provide a wealth of information on what to expect. The good news is that Homestead Exemptions renew automatically for as long as you own your primary residence.

Do I have Tax Portability?

Did you sell a home as part of your recent home purchase? If so, you may have some tax savings from having a previous Homestead property known as Tax Portability. Don’t forget to indicate Portability savings when you file your new Homestead! It’s can be a significant savings. Here’s an article that will help explain Portability in great detail.

Jenn Heller is the Operations Manager for The Volen Group, Keller Williams Luxury International, licensed real estate agent since 2004 and writer for the Ponte Vedra Focus Blog. She is an Atlantic Beach resident via Long Island, NY since 1991, a book worm, and loves sports, dogs and the beach.

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