Homestead Exemption: Every person who has legal or equitable title to real property in the State of Florida and who resides thereon and in good faith makes it his or her permanent home is eligible to receive a homestead exemption of up to $50,000. The first $25,000 applies to all property taxes.

“A homestead exemption saved the average Travis County property owner $1,876 on their taxes in 2023,” added Mann. “Exemptions continue to be the easiest and fastest way to lower your property tax bill.”

Homestead exemption is $25,000 deducted from your assessed value before the taxes are calculated plus an additional homestead exemption up to $25,000 applied to the assessed value above $50,000. The additional exemption does not apply to school taxes.

To get a homestead deduction on your Florida taxes, you have to fill out an application form, the DR-501, and demonstrate proof of residence by March 1 of the year for which you wish to qualify.

In addition to the proof of Florida residency, you must be residing on the property as your primary residence as of January 1st. Social Security numbers are required for all owners and their spouses making application, even if the spouse does not own and/or reside on the property, per Florida Statute.

When someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption that would decrease the property's taxable value by as much as $50,000.

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For asset protection, your exemption applies when you occupy your residence with the intent to make your home your permanent residence. The Florida homestead exemption is a property tax break that's offered based on your home's assessed value and provides exemptions within a certain value limit.If you own your home, reside there permanently and are a Florida resident as of January 1, you may qualify for 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. Filing for Florida's Homestead Exemption can offer you tax savings when you own real estate in Florida. As a property owner in Florida, homestead exemption is one way to reduce the amount of real estate taxes you pay on your residential property.

Homestead Exemption In Florida Explained In Travis

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