Florida Residents – File Homestead Exemption
If you own a home in Florida, and live in it as your primary residence, then Florida law typically allows you a $25,000 tax exemption on the assessed value of the property. If you purchased the property in 2010, then it is time to for you to file for homestead, as it doesn’t automatically transfer to a new owner, at the start of the new year. An application must be filed. After that, the exemption automatically renews, if you remain eligible.
Homestead exemption may allow a Florida homeowner a savings of approximately $450 on their yearly tax bill. And, with the passing of Amendment 1, many homeowners may be entitled to an additional $25,000 in exemption for a total of $50,000, on the assessed value of their property. Thus, allowing approximately an additional $240 savings on their tax bill.
New homeowners may apply for homestead between January 1 and March 1, for the first time. You must have purchased your home prior to December 31, 2010. If you do not file by March 1 you may lose your rights to homestead for that year. You should complete an application (Form DR-501). It must then be submitted to the property appraisers office. The pdf form can be downloaded here.
In order to apply for homestead for the first time, an owner must have moved into the home prior to January 1, 2011 and it must be considered your primary residence. With the completed homestead application an owner must provide a
1- Florida Driver License or Florida ID card.(with your new address on it)
2. Florida vehicle registration
3. Brevard County Voters Registration card
4. Social security number or social security card
5. If not a US resident, a Resident Alien Card
6. A copy of the trust, if the property is in a trust
7. The recorded deed to the property.
If you would like additional information on Homestead Exemption here is the link for the Brevard County Property Appraisers office.
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