If you moved into a new home in 2016, your deadline to apply for a Florida homestead exemption is March 1, 2017.

There are many benefits to having a homestead exemption on your property. According to attorney Don Gonzalez, “Under Florida law, homestead exemption provides asset protection of homesteaded property from certain creditors as well as some relief from property taxes. For a property receiving a homestead exemption, the first $50,000 of the property’s [assessed] value is not taxable. Also, the annual increase in property taxes for a property with a homestead exemption is capped at the lesser of 3% or the increase in the Consumer Price Index. Homestead exemption protects a homesteaded property from being forced to be sold to satisfy a judgment against the owner. When the owner of a homestead property dies, the homestead exemption also provides a protection for his surviving spouse and minor children from being forced out of the home.”

The Florida homestead exemption is only available to U.S. citizens and permanent resident aliens who reside in Florida and for which the property is their primary residence. Foreign nationals who do not hold legal permanent resident status and purchase a property which is their primary residence in the United States are not eligible to have the homestead exemption under Florida law.

Homestead exemption applications must be filed with the County Property Appraiser by March 1st of the tax year for which the exemption is sought and in most cases do not need to be renewed each year since most counties use an automatic renewal process.

CLICK HERE  for more information and a link to the application for homestead exemption.

Your Naples Realtor,
Jeri