Take Advantage of Property Tax Exemptions in Addition to Homestead
Florida has various property tax exemptions available to residents who own property in the State of Florida. One of the most widely known tax exemptions is homestead. Homestead not only provides creditor protection for an individual’s primary residence, but also allows for a reduction in the taxable value of a homeowner’s property. Tax exemptions, other than homestead, are available for individuals to take advantage of, where applicable.
The Florida homestead property tax exemption reduces the value of an individual’s primary residence for assessment of property taxes by $50,000.00. However, the second $25,000.00 of homestead property tax exemption does not apply to the school portion of the property taxes, and only applies to the third $25,000.00 of a property’s total value (the portion of the property’s value between $50,000.00 and $75,000.00). In other words, a home that is worth $150,000.00 is taxed as though it is worth only $100,000.00. This proves to have significant property tax savings for homeowners.
In addition to homestead, certain other tax exemptions are available to Florida residences. These include: $500.00 Disability tax exemption, $500.00 Disability tax exemption for blind persons, $500.00 Widow/Widower tax exemption, additional $25,000.00 Senior Low-income tax exemption, $5,000.00 Veteran’s Disability tax exemption, along with other certain tax exemptions available for individuals in the Military. Each of the property tax exemptions requires certain documents (or proof) to be filed with the property appraiser’s office, however, the requirements are typically minimal and do not create a significant burden on the applicant.
See the full list of property tax exemptions in Broward County here: http://www.bcpa.net/homestead.asp. If you live in a different county, you can check your local property appraiser’s office website for the property tax exemptions available in your county.
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