What is homestead exemption and portability?

Homestead Exemption Deadline Fast Approaching

March 1st is right around the corner and marks the statutory filing deadline for your homestead exemption requests. Although applications are accepted all year round, to take advantage of up to $50,000 + off of your home’s value for tax assessment purposes in the year 2017, you may want to get your applications in as quickly as possible! Luckily you are able to apply for most exemptions online.

What are the advantages of filing for a homestead exemption?

“Florida law allows up to $50,000 to be deducted from the market value of a primary / permanent residence. The first $25000 of value is entirely exempt. The second $25,000 exemption applies to the value between $50,000 – $75,000 and does not include a benefit on the school tax. After receiving the homestead exemption the first year, any annual increase in the assessed value is capped at the lower of 3% or the percentage increase in the Consumer Price Index (CPI), with certain exceptions.”

And of course there are personal exemptions, portability of homestead exemptions, exemptions available for military and veterans, and senior citizens exemptions available as well. Don’t miss out on savings you may be eligible to receive on property taxes this year and moving forward. For more information in Hillsborough county click here. For Pasco county, click here.