My cousin lives in Florida and said that they get a Homestead Exemption on their taxes. What is the Homestead Exemption and how does one get it?
A. I hear this question, or a variant of it, quite often. The answer seems simple, but it can get a little complex if you’re trying to figure out precisely how the Homestead Exemption applies to you directly. Simply stated, homestead exemption can apply to you IF you a) own a property in Florida, b) live in or on the property on January 1st, and c) live in this home a majority of the year. If you meet all three of these restrictions, you are eligible for the $25,000 homestead exemption. It places a cap of 3% per year on the amount of property tax the appraiser can place on your property, which can come in handy. As long as you meet the three requirements stated above, all that’s needed to apply for the exemption is a copy of your deed, your voter’s registration and a Florida driver’s license. Not too shabby, huh?
