One of the many benefits of Florida living is the tax break a homeowner receives when they establish primary residency in Florida. Residents that occupied a home prior to January 1, 2016 can apply no later than March 1, 2016. They must apply in the county of residence at their local Property Appraiser’s Office. The basic benefits are:

  • Partial exemption from property taxes, up to a maximum of $50,000 from the assessed tax value.

Other exemptions are available for widows, veterans, 65 and older, and disabled residents.

  • Spousal rights whereby property cannot be waived without spouse approval, regardless of which spouse holds the mortgage. The property is conveyed to the surviving spouse and or/ minor children upon death.
  • Protection from a forced sale regardless of property value, except for a mortgage foreclosure, tax and other types of liens on the property.
  • The Save Our Homes assessment which limits the annual assessment of the tax value to the lesser of the change in the consumer price index or 3%.

      When a property is sold it is reassessed which may result in a different value for the new owner. Only once it is homesteaded again, will the new owner reap the benefits. This is why in the mid-2000’s with rapid price gains, many new owners paid a higher tax than what was on the previous tax record.

Homestead rights are for individuals only (not corporations, etc.) and for those who are homesteaded in Florida only, and have filled the requirements for residency.

Some of the documents required are a Florida driver’s license & registration, proof of home ownership, utility bill, etc.  

Contact me for a Collier County Homestead Exemption brochure to provide you with more information. Below is a link to the Florida Dept. of Revenue with an application for the Homestead Exemption:

http://dor.myflorida.com/dor/property/forms/current/dr501.pd

For any legal question regarding taxes, estates, property rights, and related concerns, it is always prudent to consult a local attorney well experienced in these fields. I can provide you with those resources, you are welcome to contact me. 239-293-9434