In addition to the beautiful weather, Florida’s tax exemptions are partly responsible for why so many people relocate to the Sunshine state each year. Our tax exemptions are expansive and include considerations for:
- Disabled Individuals
- Religious and Charity
- Limited Income Seniors
- Fallen Heroes & more
One of the most popular exemptions, which do not require special circumstances and is available to all Florida residents is the Homestead Exemption.
If you own and occupy property in Florida, and the property is your permanent residence as of January 1st, you are eligible to apply for a Homestead exemption, which could reduce the taxable value of your Homestead property by up to $50,000 — resulting in a tax savings of approximately $750 annually. It also protects you from losing your home to creditors.
If you file by March 1 it will apply to the subsequent year. Failure to apply by this date is viewed as waiving or forfeiting the exemption. For more info on eligibility or requirements, visit your local property appraiser site.