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The Importance Of Florida's Homestead Exemption

Posted by Cosette Bosshardt | Jan 18, 2025 | 0 Comments

The Importance Of Florida's Homestead Exemption

Florida's Homestead Exemption is a powerful property tax benefit aimed to protect homeowners and reduce their property tax liability. By filing for this tax exemption,  homeowners will need to claim a property as their primary residence and receive a significant reduction in the taxable value of their property. The Homestead Exemption is an essential tool for Florida residents seeking to secure financial stability through property ownership.

Benefits Of Homestead Exemption

Tax Reduction

The exemption allows homeowners to exempt a portion of their home's value from property taxes. This allows homeowners to potentially save hundreds to thousands of dollars annually.

Homeowner Protected From Forced Sale

The Homestead Exemption provides a layer of protection from creditors, ensuring that the home cannot be seized in order to satisfy debts- except for mortgages and property tax liens.

Portability

The Homestead Exemption can potentially be moved to a new property if the homeowner's primary residence changes.

Save Our Homes

Save Our Homes is a key component to Florida's Homestead Exemption, offering long-term property tax benefits. Save Our Homes limits the annual increases in the assessed value of a primary residence to a maximum of 3%, regardless of the market value changes. This set maximum ensures stability for homeowners facing rising property values and provides peace of mind that property taxes will not escalate exponentially.

Transfer Portability

When homeowners receive Save Our Homes, transfer portability is also received. Transfer portability allows the benefits from Save Our Home on a previous Florida property to transfer this benefit to a new home in Florida. To qualify, the new home must be purchased within two years of selling the original home. This allows homeowners to retain their property tax benefits, even throughout moves, and essentially cap the taxable value on their property. For developers and homeowners looking to maximize their tax savings, understanding and utilizing transfer portability can be a significant tool.

Why December 31st Matters

To qualify for the homestead exemption in the 2025 year, homeowners must file by December 31st, 2024. This deadline is critical because it determines eligibility for the next upcoming tax year. Filing before the 31st, ensures homeowners gain the benefits of the Homestead Exemption. The process to file for the Homestead Exemption involves submitting an application to your local county appraiser's office, along with proof of residency and ownership.

Legal Assistance for Filing

While legal counsel is not required to file for the Homestead Exemption, it is heavily encouraged. Navigating the Homestead Exemption process can be complex, with potential complications such as errors in paperwork or title and misunderstanding of the requirements. Legal support at Bosshardt Law Group can provide invaluable assistance by:

  • Reviewing documents to ensure compliance with all local and state regulations.
  • Helping to clarify any ambiguities in the application process.
  • Representing homeowners if disputes arise over property ownership.
  • Advising on how to handle change in status such as property transfers or marital status.

Conclusion

Florida's Homestead Exemption is a valuable tax benefit, and at Bosshardt Law Group, we are committed to helping clients take full advantage of it. By contacting our experienced legal team and filing for the exemption before the December 31st deadline, homeowners can secure the tax savings for the 2025 fiscal year. Bosshardt Law Group is here to guide you through every step of the process, ensuring all legal requirements are met and providing peace of mind as we protect your most important asset—your home.

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