As a real estate attorney in Florida, I am asked a lot of questions about how new home buyers can take advantage of Florida’s homestead exemption.
As we recently reported, Florida is a homestead state, meaning Florida homeowners can file for a homestead exemption worth up to $50,000. This exemption reduces the amount of taxes you’ll pay on your property, and puts a cap on how much your taxes might increase on a yearly basis without it.
And who wouldn’t want to save all money after buying a home in Florida?
Grimaldi Law Firm, a leading real estate law and estate planning firm in Hollywood wants to help you get all that organized.
So, before you run to file your paperwork, it’s important that you know whether you qualify for Florida’s Homestead exemption.
If you have purchased a home, condo, or manufactured home, with up to 20 acres of land used only for personal enjoyment, your home is considered a “homestead.”
Other homestead exemption requirements include that you:
- Submit the application for homestead exemption before the deadline (between January 1 to March 1 in the tri-county area as of the date of this blog) of the year during which you want the exemption.
- Own your home on January 1st. (For example, if you purchased your home in May of a particular year, you must wait until the next year to file your application.)
- Must be an individual homeowner, as corporations and/or entities are not permitted to apply.
- Use the home as your principal residence on January 1 of the year you are applying, and only claim this property as your homestead – not multiple.
One other great fact to know about the homestead exemption? Once you file your application and you are approved for your exemption, you won’t have to worry about reapplying each year that you live in your home. Your application will renew automatically one year from the date you filed, and if you should sell your house, it’s up to the new owner to file for their own exemption. You will receive a document in the mail every year asking for any changes to your designation of your homestead: but as long as you are still living there as your primary residence you do not need to do anything!
And here’s another bonus – a homestead property ALSO means that your asset, your home, is now protected from most creditors.
At Grimaldi Law Firm, we are happy to help you with any of your needs or questions when it comes to real estate law. Whether you are buying or selling a home, or involved in a probate case that involves property – we’re here to help, anytime.
Grimaldi Law Firm – where your future, is our present.
Helpful Links:
To apply for your homestead exemption in Palm Beach County:
http://www.pbcgov.com/papa/AdValoremTaxExemption.htm
To apply for your homestead exemption in Miami/Dade County:
https://www8.miamidade.gov/Apps/PA/PAOnlineTools/AutoOnlineFile/ExemptionOnlineMainMenu.aspx
To apply for your homestead exemption in Broward County:
https://bcpasecure.net/homesteadonline/web/index.aspx
About the Author: Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
or
melinda@grimaldi-law.com
Special Note
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.