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Homestead Tax Exemption

Posted by Boca Expert Realty on Tuesday, December 15th, 2015 at 2:53pm.

Property Tax Exemption for Homestead Property - What is it?

TaxesIf you own property in Florida as a permanent residence, then you may be eligible to receive a homestead exemption. The homestead exemption, in most cases, grants an $50,000 exemption from the assessed value of your house for tax purposes. This valuable benefit could save you close to $1,000 per year in property taxes. Additionally, the assessed value (the value the Property Appraiser uses to calculate the property tax) of your home cannot increase by more than 3% per year.

What you need to file

For first time filers, the deadline to file is March 1 for that year's taxes. Once you are granted Homestead Exemption, it automatically renews. You should be prepared to answer these questions: Whose name or names were on the title on January 1? What is your social security number and your spouse’s social security number? Were you or your dependent living in the dwelling on January 1? Do you claim residency in another county or state?

As stated above, Homestead Exemption is granted to permanent Florida residents only. The property must be your permanent residence. A permanent residence is the address listed on your voter’s registration card, driver’s license or ID, the place where you register your cars and file your income tax. If you or your spouse are receiving a residence based exemption or benefit in another county, state or country, you are not eligible for exemption. 

Where to file in Palm Beach County

For Palm Beach County homeowners, you can apply for this exemption directly on the Palm Beach County Property Property Appraiser’s site.

For more information on property taxes in Palm Beach County, please visit or call (561) 355-2866.

Boca Expert Realty is a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit or call us at 561.347.6444 for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market. 

2 Responses to "Homestead Tax Exemption"

Becoming a Florida Resident to Save on Income Taxes wrote: [...]you must secure a driver’s license in Florida, and register to vote here. Be sure to file for Homestead Exemption from property taxes, which also helps save on property taxes. Depending on the state you are moving[...]

Posted on Thursday, July 19th, 2018 at 1:53pm.

Two proposed amendments affecting Property Taxes on the Florida ballot in 2018 wrote: [...]Amendment 1: Increased Homestead Property Tax Exemption
This proposal grants an additional $25,000 Homestead Exemption for properties valued over $125,000. There are also some increases for properties between[...]

Posted on Thursday, October 18th, 2018 at 5:36pm.

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