Did you buy a house in Central Florida in 2022? If so, this article is for you!
If you bought a home in the state of Florida in 2022 and you live in that home as your primary residence, the deadline to file for homestead exemption is less than 2 weeks away (March 1, folks!)
Ok so what is Florida Homestead Exemption? It's a massive tax break for homeowners in the state of Florida! It can literally save you HUNDREDS of dollars a year on your property taxes! Keep. In mind, this property has to be your primary residence- and you can only have one in the US.
In addition to an incredible tax break, it also protects your home against loan sharks & creditors, offers protection of the family; meaning if your spouse dies, and the home was only titled in their name, the title is automatically transferred to you. It also protects your home from increasing in assessed value of more than 3% annually under Save our Homes (this keeps your property taxes from getting crazy expensive.)
So how do you apply? Most Central Florida counties allow you to apply online. Click the link below for your county:
But wait, there's more! If you sold a home and purchased another in 2022 as your primary residence in the state of Florida, there's an additional tax break that hardly anyone talks about! It's called PORTABILITY. Basically you can "port" (take with you) your old property tax assessed value, and apply it to your new home to reduce your taxes. This is especially beneficial if you upsized or down sized. To learn more about portability, click here.
If you need help applying, or have additional questions about Florida Homestead Exemption, fill in the contact box below and I'll get in touch right away!