What is a homestead tax exemption?

A homestead tax exemption is a legal way for homeowners in Florida to reduce the amount of property tax they have to pay. This exemption applies to primary residences and reduces the assessed value of the property by a certain percentage, usually up to $50,000. In other words, this exemption shields a certain amount of your home’s value from property tax and lowers your tax bill. The homestead tax exemption applies to all property owners in Florida who use their home as their primary residence. This means that it applies to single-family homes, condominiums, cooperative apartments, and certain mobile homes. In order to qualify, you must have owned and occupied the home as your primary residence as of January 1st of the tax year. In addition to the homestead tax exemption, there are several other tax benefits for homeowners in Florida. This includes the Save Our Homes provision, which limits the amount of assessed value increases to 3 percent per year, and the High-Water Recharge Tax Exemption, which exempts certain homes from paying additional taxes on the affected area. Overall, the homestead tax exemption is a great benefit for homeowners in Florida. It helps reduce the amount of property tax you have to pay and gives you the opportunity to save money when filing taxes.

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What is a homestead tax exemption?

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