WHAT IS HOMESTEAD EXEMPTION and “SAVE OUR HOMES”?
Homestead Exemption is a constitutional benefit that exempts up to $50,000 from the assessed value of your property. Additionally, you benefit from “Save Our Homes” which limits increases to your assessed value (not your taxes) to the CPI or 3%, whichever is less. Homestead is granted to those applicants who timely file a homestead exemption application by March 1st, possess title to real property, are bona fide Florida residents and live in the dwelling and make it their permanent home on January 1st. “Save Our Homes” is a constitutional benefit authored by Mr. Wilkinson and approved by Florida voters in 1992. It places a limitation of 3% on annual assessment increases on Homestead properties beginning with a 1994 base year. For properties granted Homestead Exemption, the initial years assessed value will become the base value for the implementation of “Save Our Homes.” Following the initial year, the assessed value will not increase more than 3% or the CPI (Consumer Price Index), whi
