Florida Homestead Exemption Explained In Kings
Description
Form popularity
FAQ
You are 65 years of age, or older, on January 1; You qualify for, and receive, the Florida Homestead Exemption; Your total 'Household Adjusted Gross Income' for everyone who lives on the property cannot exceed statutory limits.
To get a homestead deduction on your Florida taxes, you have to fill out an application form, the DR-501, and demonstrate proof of residence by March 1 of the year for which you wish to qualify.
Any property owned by the taxpayer and situated in this state is subject to the taxes exempted by the improper homestead exemption, plus a penalty of 50% of the unpaid taxes for each year and interest at a rate of 15% per annum.
Homestead exemption is $25,000 deducted from your assessed value before the taxes are calculated plus an additional homestead exemption up to $25,000 applied to the assessed value above $50,000. The additional exemption does not apply to school taxes.
To apply for the Florida Homestead Property Tax Exemption, the property owner must complete Form DR-501 and submit it to the property appraiser in the county where the property is located by March 1, or if in Brevard County, by using the above links.
Homestead Exemption: Every person who has legal or equitable title to real property in the State of Florida and who resides thereon and in good faith makes it his or her permanent home is eligible to receive a homestead exemption of up to $50,000.
Required Documentation for Homestead Exemption Application Your recorded deed or tax bill. Florida Drivers License or Identification Card. Will need to provide ID# and issue date. Vehicle Registration. Will need to provide tag # and issue date. Permanent Resident Alien Card. Will need to provide ID# and issue date.
Where can I find information on my homestead exemption? Tax exemption information can be found on the Property Appraiser's website .mcpafl.
Do I need to re-apply for my Homestead Exemption every year? No, you do not. The Property Appraiser mails out in January an “Automatic Residential Renewal Receipt” to every homesteaded property owner. If you do not have any changes, you can keep the receipt as proof that you are eligible for the automatic renewal.
