In order to qualify for a Homestead Exemption you must be a PERMANENT FLORIDA RESIDENT and OWN and OCCUPY your new home as your primary residence as of JANUARY 1st of the current tax year.

In order to qualify for a Homestead Exemption you MUST APPLY for the exemption by MARCH 1st. Homestead Exemptions DO NOT automatically transfer from one homestead to another. Homestead Applications ARE NOT filed at your closing. You MUST come to our offices to file for the exemption.

The Homestead Exemption and Save Our Homes sheltered value, (the difference between the property’s market and assessed value), claimed by the previous owner of your new home DO NOT transfer to you. You MUST still apply for your own Homestead for the following year.

If you purchase a Homestead property, the previous owner’s exemptions and Save Our Homes sheltered value may remain on the property for that year. Do not presume that this will be the case. The previous owner’s exemptions and taxable value will definitely disappear in the next tax year.

• If the home you are purchasing has an existing Homestead and Save Our Homes sheltered value, you, your real estate professional, and your closing agent should not rely solely on the property’s exemption and value status for the prior year when estimating your taxes. Changes in exemptions and value will not appear on our website until mid-summer.
• If the status of the owner or the property changed prior to January 1 of the current tax year we will remove the Homestead and reset the taxable value to full market. The death of the homesteader; the rental of the property; or the abandonment of the homestead; on or prior to January 1, are among the reasons why a homestead will be removed and the value reset to full market.
• If the property owner applies for a Homestead Exemption on a new home for the current tax year the Homestead on the previous home will be removed and the taxable value reset.
• If tax escrows are determined using the previous owners taxable and exemption status, and the Homestead remains for the first year of your ownership, the tax escrows may be adequate for that year. They may not be adequate for the following year and you should plan accordingly. If the exemption is removed and the values reset, your escrows may not be sufficient to cover the tax bill in year one.

Call our office at (941) 861-8200 for up-to-date information and answers to your exemption and value questions.

Last Update 04/25/10