What Is A Homestead Exemption?

Homestead Exemption is a constitutional benefit of a $25,000 exemption removed from the assessed value of your property. It is granted to those applicants who timely file by March 1, possess title to real property and are bona fide Florida residents living in the dwelling and making it their permanent home on January 1. Properties granted Homestead Exemption automatically receive the “Save Our Homes” benefit. This is a constitutional benefit approved by the Florida voters in 1992. It places a limitation of 3% on annual assessment increase on Homestead properties beginning with the 1995 tax year. For properties granted Homestead Exemption in the prior years, that assessed value will be the base value for the implementation of “Save Our Homes". Thereafter, the assessed value will not increase more than 3% or the Consumer Price Index, whichever is less. Please go to http://www.leepa.org/Exemption%20Information/Hstd-OtherExemption%20Info.htm for additional information.