Who:
If you are a Florida resident who has owned and occupied a property as your permanent residence as of January 1st, you are eligible for Homestead Exemption.
What:
The Homestead Tax Exemption reduces the taxable value of your home by up to $50,000. It also allows you to benefit from the “Save Our Homes” act, which limits future annual increases in assessed value to no more than 3%.
When:
You can file for Homestead Exemption as soon as you receive the deed to your home. The deadline to file is March 1st. There are options for late filing through early September.
Where:
File online at https://homestead.coj.net/WebForm1.aspx
File in person at the Property Appraiser’s Office:
231 E. Forsyth Street
Suite 260
Jacksonville, FL 32202
Phone: (904) 630-2020
Documents to have on hand when filing include:
- Florida Driver’s License, Vehicle Registration & County Voter Registration ID (all with the homestead property’s address listed)
- your recorded deed or tax bill
- Social Security Number
- Permanent Resident Card (non-US citizen)
- Tax bill showing no other Homestead Exemptions
Why:
There are many benefits to filing for the Homestead Tax Exemption. As mentioned above, you will be reducing the taxable value of your home by up to $50,000 and caping future annual increases. Some additional hidden benefits is that Homestead can protect you from legal matters like creditors and lawsuits. No one, including creditors, can force you to sell your homestead property except for a few circumstances. A forced sale could happen, such as a Foreclosure by way of not paying your mortgage or a failure to pay property taxes which could result in your property being taken from you.
Portability:
Furthermore, Homestead allows for Portability. Portability transfers your homestead’s tax savings to a new homestead by avoiding capital gains tax.
A homestead property owner can transfer their “Save Our Homes” benefit to their new homestead within 3 years of moving. This means you must have received a homestead exemption on your previous homestead in one of the last three tax years to be eligible for portability.
The Save Our Homes benefit prevents the assessed value of homestead property from increasing more than 3% per year, even if the market value increase is higher.
Pro Tip: Your market value is normally less than what your selling price will be.
You may port up to $500,000 of capped value to your new homestead depending on if you’re upsizing or downsizing in your home’s market value.
If applicable to you, apply here for portability in Duval County. The deadline is March 1st.
In Summary:
Homestead Exemption is the first requirement in reaping the Save Our Homes Act’s tax benefit. Portability then allows you to carry that benefit to your next homestead.
These are two money-saving tools to utilize for homeownership in Florida. Don’t miss this valuable opportunity to apply for the one that suits your current stage of homeownership!
