March 1, 2023, is the deadline for Florida homestead exemption applications for qualifying residences owned and occupied on the January 1 tax day. Florida property appraisers generally enable applications to be made online.
The exemption is a $50,000 annual deduction from the property appraiser’s Assessed Value in yielding the Taxable Value for the taxpayer’s principal residence, which must be in Florida. It also triggers the Save Our Homes Cap, which limits the appraiser’s annual increase in Assessed Value to the lesser of 3% or the annual change in the Consumer Price Index. A taxpayer with homestead or similar exemption status for another residence (such as in another state) is not also allowed to have a Florida homestead exemption. Nor generally are spouses allowed to have more than one exemption per couple.
Taxpayers who have a Florida non-homestead residence, such as a vacation home, which has become their principal residence and who then apply for a homestead exemption can expect the property appraiser to raise the residence’s Assessed Value to align more closely with its Fair Market Value.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
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