If you recently bought a home or changed your primary residence to Florida, you may be eligible for Homestead Exemption. When it comes to owning a home in Florida, they are many benefits offered to those having their primary residence in our state. Some of the biggest benefits include a reduction of property taxes, creditor protection, and inheritance.
Property Taxes
Did you purchase in 2021? If so, you are eligible to take a $50,000 assessment reduction on your property taxes with Homestead Exemption. The Exemption also caps how much your taxes increases each year by 3% regardless of the value of the property.
Creditor Protection
In addition to property taxes benefits, Homestead Exemption offers creditor protection. This establishes that if you are sued, creditors cannot foreclose on your house. If you pay your mortgage and taxes, your property is protected under Homestead Exemption.
Inheritance
Another key component of Homestead Exemption is inheritance. This establishes that if the homeowner of a primary residence passes away, the property gets passed onto the heirs aside from any judgments but does not include the remaining portion owed on the mortgage and taxes of the property.
Requirements and How to Apply
To obtain the Homestead Exemption, one must be a resident of and own your primary residence in Florida. The deadline to apply is Tuesday, March 1, 2022.
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From the archives, watch video about Homestead Exemption:
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