HOMESTEAD TAX EXEMPTION
Florida is welcoming many new purchasers of full and part-time residences due to historically low mortgage rates, an influx of retiring baby boomers, and the desire of apartment dwellers for increased living space,
Important highlights of the homestead property tax exemption under Art. II, Sec. 6, Fla. Const., include (a) one must hold legal or equitable title to real estate; (b) the property must be the permanent residence of the owner or another legally or naturally dependent upon the owner; (c) only one exemption is allowed per individual or family unit.
To obtain the tax exemption, one must permanently reside on the property and be a resident as of Jan. 1 of the year of which the exemption is sought. Applications must be made by March 1. For the year in which the buyer buys the new homestead, the buyer will benefit from the seller’s existing exemption, if any.
The applicant will need to submit a Florida Driver’s License with the new home’s address or a Florida Identification Card, and combination of a recorded Declaration of Domicile, proof of voter registration or proof of vehicle registration in Florida. New residents should make sure they apply timely!