Florida Homestead Tax Exemption
Now is the time to take advantage of Florida’s Homestead Tax Exemption. The filling deadline is March 1st.
If you are a Florida resident who has owned and occupied your residence since January 1st you are eligible for Homestead Exemption.
There are 3 important reasons to file for homestead exemption.
Taxes
The ad valorem tax reduction can be 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%.
Portability
Portability is the way in which you’re able to transfer the tax savings of your homestead 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. Apply here for portability in Duval County and here in St. John’s County.
Legal protection
Foreclosure by way of not paying your mortgage or property tax is the only way that your homestead property could be taken from you. For example, a non-homestead property could incur a lawsuit for a slip and fall injury. Under homestead, you would have legal protections in such an incident.
How to file.
We provided detailed information in our last blog post on this subject—here. If you’re ready to get started, the requirements and application can be found here for Duval County and here for St. John’s County.
Fluid Realty
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach
