The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." By law, a homestead exemption is not transferable.If you move, your homestead exemption does not automatically follow you to your new residence. To qualify for this exemption, the applicant must be a permanent resident of Florida as of January 1st of the application year. A homestead exemption is a legal provision that shields a home from some creditors following the death of a homeowner's spouse or the declaration of bankruptcy. At its core, homestead exemption reduces the taxable value of a homeowner's primary residence, meaning a portion of the home value will not be taxed. You will need to do the following to become a Florida resident and obtain the homestead exemption. There are a number of state (F. S. 196.031) and local laws providing exemptions that can result in a lower taxable value on certain properties.
