MARCH 1s
MARCH 1st IS FLORIDA HOMESTEAD EXEMPTION DEADLINE
March 1 is the annual filing deadline for homestead property tax exemption in Florida.Here are a few FAQs related to Florida’s valuable homestead exemption from property taxation:
The Property Appraiser’s Office in each county administers property tax savings on residential properties that qualify for Florida’s $25,000 homestead exemption. For example, if your home has an assessed value of $100,000, the homestead exemption reduces its taxable value to $75,000.
Further tax relief on homestead properties, such as up to $5,000 for qualified disabled veterans, or $500 for widows or widowers, may also apply to your residence. An additional $25,000 exemption for qualified senior citizens is now in effect for county residents who meet an income-level eligibility.
A panoply of additional homestead-related exemptions are available to disabled veterans, those legally blind, quadriplegic, hemiplegic, paraplegic or totally and permanently disabled so as to require the use of a wheelchair for mobility. Some of these exemption wholly ELIMINATE property taxation on the residence, irrespective of its value.
By action of the 2012 Florida Legislature, certain additional 100% homestead exemptions are available to surviving spouses of first responders who dies in the line of duty, or surviving spouses of veterans who die from service-connected causes while on active duty.
Confer with your county Property Appraiser or local property tax consultant to determine whether you are eligible for any of these valuable benefits. The deadline for all new applications for homestead and other exemptions is March 1 each year. This includes institutional exemptions, such as charitable, religious, educational and scientific. agricultural classification applications must also be filed on or before March 1.
The Property Appraiser’s Office also administers Florida Constitution Amendment 10 — Florida’s 3% cap on qualified homestead properties.
Florida limits any increase in the assessed value of a qualified homestead property to 3 % or the Consumer Price Index, whichever is lower. The cap does not apply to commercial property. When a homestead property is sold, the value returns to market value as of the following January 1. New additions or improvements are assessed at market value on January 1 following the year of construction. Thereafter, they are included in the 3% cap.
This Save Our Homes (SOH) cap can become far more valuable over time. Some Florida homes which have been homestead-exempt since the 1995 SOH start date are now assessed at less than 50%–some significantly less than 50%–of their market value. For owners of some luxury homes, actual tax savings may amount to $100,000 per year or more! So don’t make the mistake of thinking that the homestead exemption affords only relief against $25,000 in assessed valuation.
Any questions? Contact your County Property Appraiser. Click here for contact information: http://dor.myflorida.com/dor/property/appraisers.html
To be sure you’re doing the most you can to keep your property taxes as low as the law allows them to be, contact a Florida property tax professional, whether it’s a lawyer, real estate broker, accountant or other experienced professional.
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Daniel A. Weiss is a former Attorney Special Master for the Miami-Dade County Value Adjustment Board with over 33 years property tax experience. Mr. Weiss represented the Miami-Dade County taxing authorities in litigation and appeals between 1981 and 1995 and has since represented taxpayers in property tax matters.
Daniel A. Weiss has over 33 years experience as a Florida property tax attorney. Daniel Weiss has been awarded an “AV” Preeminent rating by Martindale-Hubbell lawyer rating service.
Weiss holds a 10.0 “Superb” rating by Avvo.com lawyer rating service http://www.avvo.com/attorneys/33130-fl-daniel-weiss-1257917.html
Weiss has been selected as one of: “Top Lawyers,” South Florida Legal Guide, 2007, 2008, 2009; Florida Superlawyers 2006, 2014; “Florida’s Legal Elite,” Florida Trend Magazine, 2004, 2010.
For a consultation regarding your property, contact Weiss at daw@tannebaumweiss.com.
* Some Homestead Holders and Mobile Home Owners Must Take Action to Receive Benefits of Constitutional Amendment. Homestead Owners Who Moved in 2013 or 2014 Should Apply for Portability by March 1, 2015.
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