I get a lot of questions about the Homestead Exception from people who are relocating to Florida. This is an exemption that allows you to “homestead” your primary residence, enabling you to save on property taxes.
Here is what you need to know:
- You must own & occupy the home on Jan 1 of the tax year
- Assessed value is reset when you sell or transfer your property
- You cannot rent your home for more than 30 days a year
- Assessed value is based on Market value. Market value is the Property Appraiser’s estimate of what the property would sell for in the open market.
- Taxpayers receive up to a $50,000 exemption on assessed value
- Assessed value cannot be increased more than 3% or the change in CPI, whichever is less
- Taxpayers can “port” up to $500,000 in CAP savings from one homestead to another