What is Homestead Exemption and How Does it Apply to Me?
What is homestead exemption?
What is homestead exemption. The Florida Homestead exemption is an exemption that reduces the taxable value of your primary residence
by as much as $50,000. This amount is assessed on the first fifty thousand value on your home not to exceed
$25,000 in taxable savings. The exemption applies to all property taxes, including those related to your school
district. A homestead exemption can also protect your primary residence from creditors in the event you have to file bankruptcy and if a spouse passes away. This exemption also provides surviving spouses with the ongoing tax relief.
Rules of homestead exemption
Each state has there own rules and protection limits that will apply to the Homestead exemption. You may only apply for homestead exemption if the home is your primary residence, it does not apply to rental property, vacation homes or second homes. If you have a home where an adult child resides in, they can only claim for homestead exemption if they have an ownership interest in the property. To Apply for homestead exemption your have to file an application with the local property appraiser before march 31st. you only have to file once the exemption will roll over automatically every year until you move to a new residence. In St Lucie County Florida you would visit https://www.paslc.org
You can find any county in Florida property appraiser with this link https://floridarevenue.com/property/Pages/LocalOfficials.aspx
Here is a video link explaining homestead exemption!
The process of purchasing a home is a very monumental step and it is very important to work with local professional people who understand the buying process. Visit http://mjohnsellsfl.com to search for homes in your area and contact Marlon John to help with your property search. Kpc title agency has many affiliates who they can recommend during the homebuying process.
here is a list of some companies to consider.
Know it now surveyors- https://www.kinsurveyors.com
Exacta lien services- https://www.exactalien.com
Superstar appraisals- https://flresuperstars.com
KPC Title Agency – https://kpctitle.com
Buccaneer Mortgage- https://www.thegoodpirates.com
Contact Christine John 772-344-3473