How You Can Save Money on Florida Property Taxes

Did you know you can save up to $50,000 off the taxable assessed value of your property in the state of Florida?

Hi, it's Marcus Larrea with Palm Paradise Real Estate and I want to share something special with you that you may have had no idea existed or maybe you just need a reminder.

If you own property in Florida prior to this upcoming January 1st AND it is considered your permanent property for which it is the sole property you declare residency, you may be eligible to receive a homestead exemption of up to $50,000.

$25,000 is applicable to all property taxes including school district taxes, while the additional $25,000 applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.

For example, let's say you own a home that is your primary residence for which you declare a permanent residence, and its taxable assessed value is $400,000. If you are approved for the full homestead exemption, you would only pay taxes on $350,000. That could be a significant savings of hundreds of dollars each year.

Now you only need to apply if you have not applied for the homestead exemption before, or if you changed residences prior to January 1st. Once approved, the homestead exemption is renewed automatically and a notice is mailed out each year to ensure no changes have occurred. The application is due at your property appraiser's office by March 1st.

For more information on the homestead exemption and how to apply, you can visit the resources below:

Collier County Property Appraiser Homestead Exemption Page: https://www.collierappraiser.com/Main_Homestead/MainHomestead.html?ccpaver=2009291521

Lee County Property Appraiser Homestead Exemption Page: https://www.leepa.org/exemption/generalexemptioninfo.aspx

Charlotte County Property Appraiser Homestead Exemption Page: https://www.ccappraiser.com/ExemptionApp2012/Landing.aspx

Hillsborough County Property Appraiser Homestead Exemption Page: https://www.hcpafl.org/Property-Info/Homestead-Other-Info

Manatee County Property Appraiser Homestead Exemption Page: https://www.manateepao.com/faqs/exemptions-save-our-homes/

Pinellas County Property Appraiser Homestead Exemption Page: https://www.pcpao.org/Exemptions.html

Sarasota County Property Appraiser Homestead Exemption Page: https://www.sc-pa.com/exemptions/homestead/overview/

We hope you find this information useful and if you have any questions about buying or selling, please reach out to one of our experienced team members at Palm Paradise Real Estate to see how we can help you navigate this ever changing market. You can reach us at (239) 349-2487 or at www.PalmParadiseRealEstate.com.

Thank you.