File for a homestead exemption if you bought a primary residence.
What is a homestead exemption? When you purchase a permanent home in Florida, the state gives you an exemption on top of your property taxes based on the value of your property. Everyone normally gets up to about $50,000, depending on the value of the home.
Last year, house bill 1563 was passed, and it just went into effect on January 1. If you’re a local firefighter, law enforcement officer, paramedic, National Guardsman, or active duty military, you get another exemption of up to $100,000. It’s very important that you file for this tax information to get this credit on your property. If you purchased last year, you have until March 1 to file. You can even do it online. Here are links for each county’s website:
If you recently sold a property in Florida and purchased a new one, you can take advantage of “home portability,” but you do have to file separately for it. It’s an additional four exemptions on top of what you did before with your previous home. That $50,000 could turn into more, depending on the assessed values and the cap rates.
If you want more information on tax exemption, give us a call or send us an email.
