Do you know what a home tax exemption is? (homestead exemption)
The tax exemption is a tax benefit for Florida permanent residents where they can reduce the taxable value of their property. Florida law allows each person who has legal or equitable title to property and maintains it as his or her permanent residence to claim $25,000 in tax exemption on the assessed value of the property.
Another benefit of obtaining the homestead exemption on your property is that they can only increase annual taxes by 3%. Also your property, being your main home, is protected from creditors. In other words, your home cannot be claimed as payment for a debt.
Types of exemptions:
- Widower Exemption: A $500.00 exemption for widows and widowers. It expires the moment you remarry. You are required to provide the death certificate as proof to obtain the exemption.
- Disability Exemption: This is a $500.00 exemption for homeowners with disabilities in the state of Florida.
- Disabled Veterans: This is for veterans who are at least 10% disabled.
- Grandparents Exemption: This is a reduction in the appraisal of the property or home of the parents or grandparents.
- Total and Permanent Disability: Exemption for any veteran who has been honorably discharged with a total and permanent disability.
- Institutional exemptions for single organizations, or charitable organization, of a religious, educational, scientific, or government nature may be granted partial or total exemptions.
If you qualify and would like to register your primary property for the homestead exemption, you can visit www.myflorida.com