What Is a Homestead Exemption?
The Homestead Exemption is a valuable property tax benefit that can decrease a homeowner’s taxable value up to $50,000, potentially savings homeowners thousands of dollars in property taxes per year. Local county property appraisers, who establish the value of your property each year as of January 1, determines if a parcel is entitled to an exemption.
This Homestead exemption qualifies the home for the “Save Our Homes” assessment limitation which limited increases in the assessed value of properties with a Homestead Exemption, to 3% per annum or the Consumer Price Index (CPI), whichever is lower.
While the exemption is non transferable, a homeowner may be able to transfer or “port” all or part of the assessment difference to a new Florida homestead.
The deadline for filing Homestead Exemptions is March 1st
How to apply for the Homestead Exemption benefit?
If you are located in Miami-dade county, you can directly contact the Miami-dade county appraiser department on the website www.miamidade.gov/pa/ or you can go in person to the property appraiser’s office in your county.
Sources:
https://floridarevenue.com/property/pages/taxpayers_exemptions.aspx
https://www.miamidade.gov/pa/exemptions.asp