Broward County Homestead Exemption For Seniors In Texas
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FAQ
The Additional $50,000 Homestead Exemption for Persons 65 and older (FS 196.075) reduces the assessed value of your property and can result in significant tax savings.
You can use Texas Comptroller Form 50-114 to apply for the General Homestead Exemption. If you turn 65 or become newly disabled, you need to submit new application to obtain the extra exemption. These exemptions use the same Form 50-114 along with Supplemental Affidavit Form 50-144-A.
There are multiple ways to file a Homestead Exemption application Form 50-114, however the online option is the fastest, and details are provided in the transcript below.
The Additional $50,000 Homestead Exemption for Persons 65 and older (FS 196.075) reduces the assessed value of your property and can result in significant tax savings.
The plan would provide up to an additional $25,000 homestead exemption for homeowners sixty-five years of age or older with a household income $28,482 a year or less.
The total household income limitation is the same for both exemptions. It is made available by the Florida Department of Revenue annually and subject to change each year. The adjusted income limitation for the 2024 exemptions is $36,614.
Many Broward County seniors are eligible to claim an additional $25,000 tax-saving exemption – which applies only to the County's portion of the property taxes and city taxes for residents of cities which have also adopted the additional exemption.
Qualifying seniors receive deductions off their tax bills because they are senior citizens. The senior citizen exemption reduces the tax bill by a sum certain each year. The actual deduction is $5,000 times the local tax rate.
