When becoming a homeowner there are always certain filings and tax exemptions you should be aware of beforehand so that you can get the best amount of home ownership protection. One of those filings is Homestead Exemption.
Just about every state or territory has a homestead exemption provision. The only states who currently do not offer one are New Jersey and Pennsylvania. In some states, homestead exemption is automatic while others, like Florida, require the homeowner listed on the deed to file a claim with the state in order to receive it.
What is a Homestead Exemption?
Homestead exemption removes part of your home’s value solely from taxation (so they lower your taxes). It is generally categorized as either a dollar amount or percentage of the property value that is then excluded when calculating your property taxes.
Want an example? In simple terms, let’s say the assessed value of your home is $150,000 and your property tax rate is 1%. Your property tax bill would equal $1,500. But if you were eligible for a homestead tax exemption of $50,000, the taxable value of your home would drop to $100,000, meaning your tax bill would drop to $1,000.
Homestead exemption is only meant to protect one property at a time and it needs to be the homeowners primary property, even if you own others.
Who qualifies for a Homestead exemption?
Any permanent Florida residents who hold legal or equitable title to the real property, and who occupies and uses the property as their permanent residence.
If you purchased a home on or after January 1st of the tax year you’re filing for. The property also has to be your primary residence. You can apply for the tax homestead exemption before March 1st of the following year.
What makes you no longer eligible for the tax exemption? (Kin)
- The home is no longer your primary residence or the residence of someone you can claim as a dependent.
- You rent the property more than 30 days per year.
- The home has changed ownership, either because of a sale, divorce, marriage, death, or another event.
How to File
Go to your city’s local government website to check for the required documents. For cities in Duval, Putnam, Clay, St. Johns, Nassau, and Brevard County click here for a step by step how-to!
- For Duval County
- Go downtown to: 231 E. Forsyth Street, Suite 260, Jacksonville, Florida 32202
- Fax in your application to: (904) 255-7963
- Or apply online
- You have until midnight of the day of the deadline to turn in your application
- Check the status of your application by contacting the property appraiser’s office at: (904) 255-5900 or pacustserv@coj.net
- For St. Johns County
- Go to 4030 Lewis Speedway, # 203, St. Aug, FL 32084
- Or apply online
- For Clay County
- Go to 477 Houston St. 2nd Floor, GCS, FL 32043
- Office number: 904-269-6305
- Or 1518 Park Ave, OP, FL 32073
- Office number: 904-541-5332
- Go to 477 Houston St. 2nd Floor, GCS, FL 32043
- For Nassau County
- Go to 96135 Nassau Place, Suite #4, Yulee, FL 32097
- 416 Centre Street, Fernandina Bch, FL 32034
- 45401 Mickler St. Callahan, FL 32011
- Or apply online
- For Putnam County
- Go to 312 Oak Street, Palatka, FL 32177
- Must be in person for new applicants
- Go to 312 Oak Street, Palatka, FL 32177
Why it’s Beneficial?
This exemption’s purpose is to provide physical shelter and financial support to a homeowner. It doesn’t prevent or stop a bank foreclosure if mortgage payments are defaulted on. The exemption can also provide surviving spouses with ongoing property-tax relief (Investopedia). Once you apply and qualify for it you don’t have to reapply every year. Owning a permanent home in Florida entitles you to apply for the homestead exemption–entitling you to a property tax exemption, of up to $50,000 of your home’s assessed value from taxability.
For more information on how to file in Duval, Clay, Nassau, St. Johns, Putnam, and Brevard County’s, click here, or contact our team today.
