Beginning in 1995, the assessed value of a homestead property in the state of Florida is limited as to the amount of increase a county property appraiser may assign to the lesser of 3%. This means that your annual assessment cannot increase more than 3% per year. It is based on 3% or the Consumer Price Index, whichever is less.
In order to qualify for this benefit you must own and live in a residential property that qualifies for a homestead exemption benefit. Florida’s constitution provides for a $25,000 exemption, which is deducted from a property’s assessed value if the owner qualifies. Applicants who file by March 1, possess title to the real property, and are a bona fide Florida resident living in the home and making it their permanent home as of January 1, qualify for the exemption. All persons receiving the standard exemption who continue to qualify for that exemption automatically qualify to receive the additional $25,000 homestead exemption. The additional $25,000 exemption applies to taxable values great than $50,000 and up to $75,000, for all tax levies except school district levies.
Every Florida resident receiving homestead exemption in Florida who gives up that homestead and wishes to transfer a Save Our Home assessment difference from the previous homestead, must re-establish a homestead exemption within two (2) years of January 1 of the year in which the person left the prior homestead. In addition, Form DR501T must be completed and submitted to the property appraiser in the county where the new homestead is located. The deadline due date for this form and new applications is March 1.
For information in Charlotte County, FL go to the web site at: http://www.ccappraiser.com/exemption.asp.
Tammy Hayes, Sandals Realty, Punta Gorda, FL – email@example.com