If you already own a home in Florida or are looking to buy real estate, the Florida homestead exemption can help you reduce that burden. The amount you pay can differ according to the city or even the county, but the average Florida homeowner pays $1,752 every year. With it, you can reduce the taxable value of your home by as much as $50,000 if you owned your property on January 1 of the tax year.īut what is the homestead exemption in Florida’s purpose? The homestead exemption in Florida addresses one of the reasons the cost of homeownership in Florida is so high: property taxes. The Florida homestead exemption is a property tax break that’s offered based on your home’s assessed value and provides exemptions within a certain value limit. What is the homestead exemption in Florida? Here’s your guide to using this exemption to maximize the value of Florida homeownership and minimize your tax burden.
But what is the homestead exemption in Florida and how does it work? The Florida homestead exemption is a powerful tool that reduces the tax burden on the state’s homeowners. If you’ve ever bought or considered buying residential property in Florida, you’ve probably heard of the state’s homestead exemption, and with good reason.
