Flippers: A perfect example of my earlier point
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Homestead Exemption Deadline Approaches
Homestead Exemption Deadline Approaches
Remind clients who recently bought a primary home in Florida not to miss the Homestead Exemption filing deadline of March 1 – it could cost them thousands of dollars.
It could be a very costly mistake if you forget to file your Homestead Exemption in Florida.
For everyone who purchased a home, as a primary residence, has until March 1st, of the year following the year of your purchase, to file for Homestead, and other qualified exemptions.
What does Homestead Exemption do for you?
- $50,000 Reduction of your Assessed Value
- 3% Annual Cap on Assessed Value increase
- Certain Legal Protections
$50,000 Reduction – too many people think this is the big savings and the importance of Florida’s Homestead Exemption. Its NOT.
This simply reduces your Assessed Value by $50,000. This amounts to an approximate savings of $1000/annually on a $500,000 home.
3% Annual Cap – This is the big money saver. Because you have successfully declared your home as your Primary Residence, the Assessed Value will never increase by more than 3% in a single year.
The Assessed Value of your home is determined using recent sales of similar homes in your neighborhood. This value is also used in the calculation of your Property Taxes. So the lower the AV is, the lower your Property Taxes.
Without Homestead on your home, your AV would be subject to a 17% Cap.
Legal Protections – As long as you have declared your home as your Primary Residence, by filing the required paperwork with your respective Property Appraiser, your home is protected from certain Liens and Legal Judgments. For a proper explanation, its best to speak with a qualified Attorney.
Here is a recent article from The Plant City Observer:
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