{"id":10114,"date":"2023-01-18T16:34:31","date_gmt":"2023-01-18T16:34:31","guid":{"rendered":"https:\/\/foliotitle.com\/?p=10114"},"modified":"2023-01-18T16:34:31","modified_gmt":"2023-01-18T16:34:31","slug":"homestead-exemption","status":"publish","type":"post","link":"https:\/\/cloud.titletapsites.com\/foliotitle\/homestead-exemption\/","title":{"rendered":"Homestead Exemption in Florida: A Complete Guide for Homeowners"},"content":{"rendered":"<p>Prefer to read this article in Spanish? <a href=\"https:\/\/foliotitle.com\/exencion-de-homestead\/\">Click here.<\/a><\/p>\n<p><iframe loading=\"lazy\" title=\"Homestead Exemption Explained | How to Save Thousands on Florida Property Taxes\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/iFTNpEUtR7A?feature=oembed\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<div class='et-box et-shadow'>\n\t\t\t\t\t<div class='et-box-content'><\/div><\/div>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The <\/span><b>Homestead Exemption<\/b><span style=\"font-weight: 400\"> is one of the most valuable property tax benefits available to Florida homeowners. This exemption can reduce the taxable value of a primary residence by up to <\/span><b>$50,000<\/b><span style=\"font-weight: 400\">, potentially saving homeowners thousands of dollars per year. As a title company, we guide our clients throughout the homebuying process and help them understand the key tax advantages available once they become homeowners. The Homestead Exemption is one of the most important.<\/span><\/span><\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>What Is the Homestead Exemption?<\/b><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The Homestead Exemption is a property tax benefit available to Florida residents who make their home their <\/span><b>permanent residence<\/b><span style=\"font-weight: 400\">. Once approved, this exemption reduces the taxable value of the home, providing a discount of up to <\/span><b>$50,000<\/b><span style=\"font-weight: 400\">, resulting in lower annual property taxes every year you live in the home.\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">To qualify for Florida\u2019s Homestead Exemption, you must <\/span><b>own the property and live in it as your permanent residence on January 1 of the year you are applying<\/b><span style=\"font-weight: 400\">. <\/span><i><span style=\"font-weight: 400\">For most new homeowners, this means that if you bought your home during one year, your first chance to claim the exemption is the following year\u2014as long as you are living in the home on January 1 of that year.<\/span><\/i><span style=\"font-weight: 400\"> Your deed will be recorded in the county records after closing, and this is what the Property Appraiser uses to verify your ownership.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">County Property Appraisers determine property values as of January 1 each year and evaluate whether each property qualifies for the exemption.<\/span><\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Save Our Homes (SOH): An Additional Advantage<\/b><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The Homestead Exemption includes the Save Our Homes (SOH) <\/span><b>assessment limitation<\/b><span style=\"font-weight: 400\">, which <\/span><b>caps the annual increase in a homesteaded property\u2019s assessed value at 3%<\/b><span style=\"font-weight: 400\"> or <\/span><b>the Consumer Price Index (CPI)<\/b><span style=\"font-weight: 400\">, whichever is lower. This cap provides long-term protection by preventing sudden spikes in property taxes when market values rise significantly.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">\u201c[The] \u201c<\/span><b>Base year\u201d [for SOH cap] is the first year an owner is granted a Homestead Exemption. In the base year, the market value equals the assessed value<\/b><span style=\"font-weight: 400\">. <\/span><b>The following year, Save Our Homes kicks in for as long as the property has a Homestead Exemption<\/b><span style=\"font-weight: 400\">. The accumulated difference between the assessed value and the Market value [as determined by the property appraiser] is the Save Our Homes benefit.\u201d (<\/span><a href=\"https:\/\/www.miamidadepa.gov\/pa\/benefit\/save-our-homes.page\"><span style=\"font-weight: 400\">https:\/\/www.miamidadepa.gov\/pa\/benefit\/save-our-homes.page<\/span><\/a><span style=\"font-weight: 400\">) (For additional information and definitions on the difference between the Property Appraiser\u2019s \u201cMarket Value\u201d, \u201cAssessed Value\u201d and \u201cTaxable Value, please see our Additional Resources section below.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>The Difference Between the Homestead Exemption and the Save Our Homes Cap<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Think of these as two separate benefits Florida gives homeowners who live in their property as their primary residence:<\/span><\/p>\n<h4><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83c\udfe0 1. Homestead Exemption = Lowers Your Taxable Value Right Now<\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>What it is:\u00a0<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><b>Up to <\/b><span style=\"font-weight: 400\">A <\/span><b>$50,000 reduction<\/b><span style=\"font-weight: 400\"> in the assessed value of your home for property tax purposes.<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">It\u2019s a <\/span><b>discount<\/b><span style=\"font-weight: 400\"> on the value your taxes are based on.<\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\udc49 Example:<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Your home\u2019s market value: <\/span><b>$400,000<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\"> Homestead exemption: <\/span><b>\u2013$50,000<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\"> Taxable value becomes: <\/span><b>$350,000<\/b><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">You pay taxes on <\/span><b>$350k instead of $400k<\/b><span style=\"font-weight: 400\">.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>Important:<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\"> This exemption is applied <\/span><b>every year<\/b><span style=\"font-weight: 400\"> as long as the home is your permanent residence.<\/span><\/span><\/p>\n<h4><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83d\udd12 2. Save Our Homes (SOH) Cap = Limits How Much Your Assessment Can Increase Each Year<\/span><\/h4>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><b>What it is:<\/b><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">A rule that says: <\/span><b>Your assessed value cannot increase more than 3% per year<\/b><span style=\"font-weight: 400\"> (or the inflation rate, whichever is lower), <\/span><i><span style=\"font-weight: 400\">as long as the property remains your homestead.<\/span><\/i><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">It <\/span><b>protects you from big jumps in property taxes<\/b><span style=\"font-weight: 400\"> when the real estate market goes up fast.<\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>\ud83d\udc49 Example:<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Year 1<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"> Market value: <\/span><b>$400,000<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\"> Assessed value (after exemption): <\/span><b>$350,000<\/b><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Year 2<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"> Market value jumps to <\/span><b>$450,000<\/b><span style=\"font-weight: 400\"> (a 12.5% increase!)<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"> But your assessed value can only increase by <\/span><b>3% of the assessed value<\/b><span style=\"font-weight: 400\">!<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">So your new assessed value becomes:<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span> <b>$350,000 \u00d7 1.03 = $360,500<\/b><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">You pay taxes based on $360,500,<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span> <b>not<\/b><span style=\"font-weight: 400\"> the new $450,000 market value.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">That\u2019s the <\/span><i><span style=\"font-weight: 400\">Save Our Homes<\/span><\/i><span style=\"font-weight: 400\"> protection.<\/span><\/span><\/p>\n<h4><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\ud83c\udfaf Simple Summary Homestead Exemption vs SOH Cap<\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Homestead exemption = your \u201cdiscount\u201d today.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Save Our Homes cap = your \u201cprotection\u201d every year going forward.<\/span><\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Feature<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Homestead Exemption<\/b><\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Save Our Homes Cap<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>What it does<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Lowers taxable value<\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Limits how much the assessed value can increase<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>How much<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Up to $50,000 off<\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Increases capped at 3% annually<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Purpose<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Immediate tax discount<\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Long-term tax protection<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>When it applies<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Every year you live there<\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Every year <\/span><i><span style=\"font-weight: 400\">after<\/span><\/i><span style=\"font-weight: 400\"> homestead is established<\/span><\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><b>Is it transferable?<\/b><\/span><\/td>\n<td><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">\u274c No<\/span><\/td>\n<td><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">\u2714\ufe0f Yes \u2014 this is called <\/span><b>portability<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Is the Homestead Exemption Transferable? Understanding Portability<\/b><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The Homestead Exemption <\/span><b>cannot be transferred directly<\/b><span style=\"font-weight: 400\"> from one home to another.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">However, if you move to a new primary residence within Florida, you may <\/span><b>transfer part of the tax benefit<\/b> <b>from SOH<\/b><span style=\"font-weight: 400\"> from your previous homestead. This is called <\/span><i><span style=\"font-weight: 400\">portability<\/span><\/i><span style=\"font-weight: 400\">.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Portability allows you to move up to <\/span><b>$500,000<\/b><span style=\"font-weight: 400\"> of the difference between your old home\u2019s market value and assessed value to your new home.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">The benefit? Your <\/span><b><i>new <\/i><\/b><span style=\"font-weight: 400\">property may have a <\/span><b>much lower assessed value<\/b><span style=\"font-weight: 400\">, which can result in <\/span><b>lower property taxes<\/b><span style=\"font-weight: 400\">.<\/span><\/span><\/p>\n<h4><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Portability Example (Save Our Homes benefit you can take with you)<\/span><\/h4>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">If your home\u2019s:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Market value = <\/span><b>$500,000<\/b><b><\/b><\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Assessed value = <\/span><b>$350,000<\/b><b><\/b><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Your SOH benefit is:<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span> <b>$500,000 \u2013 $350,000 = $150,000<\/b><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">If you buy a new home, you can <\/span><b>transfer up to $150,000<\/b><span style=\"font-weight: 400\"> of that benefit to reduce your new home\u2019s assessed value.<\/span><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">This is <\/span><i><span style=\"font-weight: 400\">not<\/span><\/i><span style=\"font-weight: 400\"> the homestead exemption \u2014 it is the <\/span><b>Save Our Homes benefit (SOH differential)<\/b><span style=\"font-weight: 400\">.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Who Qualifies for the Homestead Exemption?<\/b><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The Homestead Exemption is part of the Florida Statutes Florida Statute \u00a7196.031 (<\/span><a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0100-0199\/0196\/Sections\/0196.031.html\"><span style=\"font-weight: 400\">https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0100-0199\/0196\/Sections\/0196.031.html<\/span><\/a><span style=\"font-weight: 400\">)\u00a0<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">To qualify, homeowners must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Own the property (i.e. have \u201clegal or beneficial title\u201d to the property);<\/span><\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Use the property as their <\/span><b>permanent residence <\/b><span style=\"font-weight: 400\">and occupy the property as their primary residence as of January 1 of the application year;<\/span><\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The owner (or others legally or naturally dependent upon such person) must be a <\/span><b>U.S. citizen or permanent U.S. resident and a Florida resident<\/b><span style=\"font-weight: 400\"> as of January 1.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>Commonly Required Documentation<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">County appraisers may request:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Copy of Recorded Deed<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Florida Driver\u2019s License or State ID<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Florida Voter Registration (if applicable)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Vehicle registration<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Social Security Number<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Additional Proof of Residency (utility bills, etc.)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Application Deadline<\/b><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">The deadline to file the Homestead Exemption application is <\/span><b>March 1<\/b><span style=\"font-weight: 400\"> each year. We encourage homeowners to apply immediately after closing to avoid missing this deadline.<\/span><\/span><\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>How to Apply for Homestead Exemption<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Homeowners may apply:<\/span><\/p>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>1. Online (Recommended)<\/b><\/span><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Most Florida counties allow homeowners to apply directly through their Property Appraiser\u2019s website.<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">For example:\u00a0<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Miami-Dade County: <\/span><a href=\"http:\/\/www.miamidade.gov\/pa\/\"><span style=\"font-weight: 400\">www.miamidade.gov\/pa\/<\/span><\/a><\/span><\/li>\n<\/ul>\n<h3><span style=\"font-family: arial, helvetica, sans-serif\"><b>2. In Person<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Homeowners may also visit their county\u2019s Property Appraiser&#8217;s office to receive assistance and file the application.<\/span><\/p>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Why Your Title Company Matters in This Process<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">As a title company, we ensure new homeowners fully understand how and when to apply for a Homestead Exemption. This education helps homeowners avoid common mistakes such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Assuming the exemption is automatic (it\u2019s not);<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">When the cap kicks in (in the base year, the market value equals the assessed value; the cap on assessed value kicks in the following year);<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Missing the March 1 filing deadline (there is a possible extension, check in your county);<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Losing eligibility after a title change<\/span><\/span><\/span><\/li>\n<\/ul>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Key Benefits at a Glance<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Significant annual tax savings, Up to <\/span><b>$50,000<\/b><span style=\"font-weight: 400\"> reduction in taxable value<\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Protection from large increases in assessed value (SOH)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Ability to transfer tax savings to a new home within Florida (Portability)<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-family: arial, helvetica, sans-serif\"><b>Sources and Resources<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Florida Department of Revenue:<\/span><a href=\"https:\/\/floridarevenue.com\/property\/pages\/taxpayers_exemptions.aspx\"> <span style=\"font-weight: 400\">https:\/\/floridarevenue.com\/property\/pages\/taxpayers_exemptions.aspx<\/span><\/a><\/span><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><span style=\"font-weight: 400\">Miami-Dade Property Appraiser:<\/span><a href=\"https:\/\/www.miamidade.gov\/pa\/exemptions.asp\"><span style=\"font-weight: 400\">\u00a0<\/span><\/a><\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><a href=\"https:\/\/www.miamidade.gov\/pa\/exemptions.asp\"><span style=\"font-weight: 400\">https:\/\/www.miamidade.gov\/pa\/exemptions.asp<\/span><\/a><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><a href=\"https:\/\/www.miamidadepa.gov\/pa\/exemption\/homestead.page\"><span style=\"font-weight: 400\">https:\/\/www.miamidadepa.gov\/pa\/exemption\/homestead.page<\/span><\/a><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><a href=\"https:\/\/www.miamidadepa.gov\/pa\/about\/glossary.page\"><span style=\"font-weight: 400\">https:\/\/www.miamidadepa.gov\/pa\/about\/glossary.page<\/span><\/a><\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400;font-family: arial, helvetica, sans-serif\">Florida Homestead Exemption &#8211; Florida Statue 196.031 (Exemption of homesteads)<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-family: arial, helvetica, sans-serif\"><a href=\"https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0100-0199\/0196\/Sections\/0196.031.html\"><span style=\"font-weight: 400\">https:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0100-0199\/0196\/Sections\/0196.031.html<\/span><\/a><span style=\"font-weight: 400\">\u00a0<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Prefer to read this article in Spanish? Click here. The Homestead Exemption is one of the most valuable property tax benefits available to Florida homeowners. This exemption can reduce the taxable value of a primary residence by up to $50,000, potentially saving homeowners thousands of dollars per year. As a title company, we guide our [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-10114","post","type-post","status-publish","format-standard","hentry","category-english"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homestead Exemption in Florida: A Complete Guide for Homeowners - Doral, FL Title Company | Folio Title LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud.titletapsites.com\/foliotitle\/homestead-exemption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homestead Exemption in Florida: A Complete Guide for Homeowners - Doral, FL Title Company | Folio Title LLC\" \/>\n<meta property=\"og:description\" content=\"Prefer to read this article in Spanish? Click here. The Homestead Exemption is one of the most valuable property tax benefits available to Florida homeowners. This exemption can reduce the taxable value of a primary residence by up to $50,000, potentially saving homeowners thousands of dollars per year. 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