Should You File for Homestead Exemption?

If you’re a member of the Pinnacle family who has bought or sold with us, you know that every January our agents send out a copy of the Settlement Statement to each of their clients from the past year. We do this so that you have those important papers when it comes time to file your taxes and potentially apply for Homestead Exemption.

If you don’t work with a tax professional, however, you may have received this paperwork and still have no idea what to do with it. So we’re breaking down everything you need to know about Homestead Exemption.

What is Homestead Exemption?

According to the Florida Department of Revenue, “When someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption that would decrease the property’s taxable value by as much as $50,000.”

In simpler terms, if you own a house and you live in that house (it cannot be an investment property or rental), you may qualify for a tax break. This exemption could reduce the taxable value of your property and potentially earn you tax savings!

How Do I Apply for Homestead Exemption?

Applications in Florida for the current tax year are due by March 1st, 2019. Homeowners also have the option to prefile for Homestead Exemption for the coming tax year between March 2nd and December 31st. Depending on what county you live in, you may be able to apply online, in person, or by mail.

For further information regarding Homestead Exemption, if you qualify, and how to apply in your county, please visit the resources below:

Orange County Property Appraiser’s Office
Seminole County Property Appraiser’s Office
Osceola County Property Appraiser’s Office
Lake County Property Appraiser’s Office
Polk County Property Appraiser’s Office

For specific questions related to your taxes, please see a tax professional. We would be happy to refer you to financial advisors that we trust, just give us a call at (407) 506-7447!