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What Does Homestead Mean?
Legislation related to the term "homestead" is set forth in multiple parts of the Florida state constitution. A component of these laws relates to real estate exemption. Here are some details of Florida's homestead laws:
- A homeowner can exempt the first $25,000 of the assessed value of the home.
- In Pasco County, this would save someone roughly $500 in taxes.
- The second $25,000 of the home's value ($25,001 - $50,000) is fully taxes.
- The third $25,000 of the home's value ($50,001 - $75,000) is exempt from all taxes except for school tax.
- In Pasco County, this would save someone roughly $300 in taxes.
- The "Save Our Homes" amendment states that the assessed value of a house cannot increase annually by more than 3% or the rate of inflation, whichever is less.
- The exemption also provides a protection from creditors so that they cannot attempt to collect on a debt from the value of the house.
Who qualifies for the Homestead Exemption?
- You must be a Florida resident.
- You must own the property in question by December 31 of the year for which you will claim exemption.
- You must occupy the property as your primary residence.
- You must apply for the exemption by March 1 of the year following the year for which you will claim exemption.
If you have questions regarding the homestead laws and how to protect your property, call the Law Offices of Waller & Mitchell at (727) 847-2288 today.