What are the common exemptions to property taxes?

Property taxes are taxes assessed on real property by a local government. These taxes are used to fund services like schools and road maintenance in the area. In Florida, homeowners may be eligible for certain types of exemptions to help reduce their property tax liability. One of the most common exemptions is the homestead exemption. Qualifying owners of primary residences are eligible to receive a homestead exemption that can reduce their property tax by up to $50,000. This exemption is in addition to other exemptions that may be available, such as the Senior Citizen Exemption and the Disability Exemption. Another exemption is the Save Our Homes (SOH) exemption. This exemption provides an additional reduction to the assessed value of a property. The amount of the reduction is determined by the amount of increase in the Consumer Price Index, plus any appreciation in value of the property. Another exemption is the Veteran’s Exemption. This exemption provides an additional reduction to the assessed value of properties owned by Veterans who served in the Armed Forces of the United States. The amount of the reduction is equal to the assessed value of the property or the amount of the service-connected disability, whichever is less. Finally, certain properties may be eligible for a tax deferral if they meet certain criteria. This deferral allows the taxpayer to defer their property taxes until they sell the property or when they are no longer liable for the tax. There may also be special exemptions available to certain non-profit organizations or other entities. Overall, there are several different types of exemptions available to landowners in Florida that can help reduce their property tax burden. It is important to know which exemptions are available and to check with local authorities to see if you qualify.

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What are the common exemptions to property taxes?

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