What is Homestead Tax Exemption

– is a constitutional benefit of a $50,000 exemption from the property’s assessed value.

– it is granted to those applicants with legal or beneficial title in equity to real property as recorded in official records who are bonafide Florida residents living in a dwelling and making it their permanent home on January 1 of the taxable year.

– the first $25,000 is entirely exempt
– the second $25,000 is to be applied to the value between $50,000 and $75,000 and does not include school taxes.
example : If a home’s assessed value is $75,000 or more, the owner would receive the full $50,000 exemption benefit.
: If the property value is between $50,000 and $75,000, the owner would receive a prorated exemption amount. (if the property value is $65,000, the additional exemption would be $15,000, for a total exemption amount of $40,000 (the original $25,000 plus the prorated amount of $15,000) The exemption results in approximately a $500-$800 property tax savings to Florida residents.

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