For those who own their primary residence in Florida, applying for the homestead exemption is a great idea. Here’s how it works.

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I often receive questions from both buyers and sellers about homestead exemptions and how they work, so today I want to discuss the basics with you.

In the state of Florida, your homestead exemption goes up to $50,000 based on your home’s assessed value. Your assessed value can be found on the property appraiser’s website—but do not confuse that figure with the appraisal value when you go to purchase a home.

To qualify, your home must be a primary residence; if you own a home out of state that you claim to be your primary residence, you cannot file for a homestead exemption in the state of Florida as well.

The exemption does not auto-transfer, either. If you purchase a new home, you will have to apply for the exemption again.

Here’s an example of how it might work:

Suppose your assessed value is $300,000. Your exemption will amount to $50,000, so your property will be taxed based on a $250,000 value instead of the full $300,000.

To be eligible for the homestead exemption, you have to own your house by January 1, but you don’t have to officially apply until March 1. If you’re in the process of buying a home at the end of the year, try to have it under contract by January in order to qualify for that year.

In order to apply for the homestead exemption, you’ll need:

– A driver’s license

– Your social security card

– Your vehicle registration

– The deed to your home

“If you own your primary residence in Florida, there’s no reason not to claim your homestead exemption, since it will save you money on your tax bill every year.”

The deed will take about six weeks to get recorded, so as soon as you receive that document, head down to the property appraiser’s office and put in your application.

There are five local offices in Brevard County at which you can submit your application:

– There are two in Melbourne

– Palm Bay

– Merritt Island

– Titusville

The application process doesn’t take too long; you should be in and out within 20 minutes. Just be sure to bring all your documents with you.

The bottom line is if you own your primary residence in Florida, there’s no reason not to claim your homestead exemption, since it will save you money on your tax bill.

If you have any questions about the homestead exemption or how it works, feel free to reach out to me. I’d be happy to help you.