Last chance to file for the Homestead Property Exemption!
File by 3/1/2018 to reduce your property tax bill
Did you know there is more than just the $50,000 standard exemption?
Florida law allows homeowners to apply for a portion of the assessed value on your primary residence to be exempt from property tax. If you purchased a home in 2017 and it is your primary residence (or if the property became your primary residence in 2017) you can file for Florida’s homestead exemption. There are several exemptions you may be eligible for:
1) $50,000 exemption based on property’s assessed value (all homeowner’s)
2) Disabled Veterans
3) Homeowner’s 65 years or older
5) Deployed for military service
6) “Granny Flat” exemption (if living quarters are provided for parents or grandparents)
7) Disabled homeowners may qualify for additional exemptions
The deadline to qualify for any of these exemptions is March 1, 2018. In addition if you deeded your property into a trust, life estate or made any changes to how the property is titled the homestead exemption needs to be re-filed. This includes changes to the property ownership due to death or divorce.
Did you know you may qualify for additional tax savings if you sold a primary residence in Florida and have purchased another home?
The “Save Our Homes Portability benefit” allows homeowner’s to transfer the dollar value difference between the assessed value and the market value of the home you sold to a new primary residence. To receive this benefit you must apply for BOTH the homestead exemption and the portability transfer; for more information contact the County office prior to March 1, 2018. We recommend you do not wait until the deadline to file for these exemptions! Once the exemption is granted your property tax assessment will be reduced; this saves you money in property taxes.
For more information please contact the Brevard County Property Appraisers office at 321-264-6700; you can also visit www.bcpao.us. If you live outside of Brevard County contact your local property appraiser’s office. Please contact Dyer Mortgage Group if there is anything we may assist you with!
Division President, Dyer Mortgage Group
10 S. Harbor City Boulevard, Melbourne, FL 32901