Hi, I’m Sophia Sanchez, Tampa Real Estate Broker. Today I wanted to talk all about homestead exemption.
Here in Florida, we have the Save Our Homes Act, which means you can file for homestead exemption if a home is your primary residence. Filing for homestead is a relatively simple process that you can complete online by filling out specific forms with copies of your deeds. Filing for homestead exemption has a lot of benefits, and it will secure your home from creditors. It will also ensure your taxes will not increase more than 3% on the taxable value yearly.
Since purchasing a home is stressful, filing for homestead exemption can fall through the cracks, so we try our best to ensure our clients remember. Suppose you do not apply for homestead exemption and forget or miss the deadline. In that case, you will be subjected to at least the property value, the taxable value will fluctuate with the market, and the taxing authorities will increase your tax basis however they see fit. So please make sure you apply. We remind our clients to file for homestead exemption in the January following their home purchase to remind them to file if they still need to.
If your primary residence is in Hillsborough County, you can go online to Hcpafl.org. This site will also have more information about the homestead exemption, but if you have any questions, don’t hesitate to call or send a message below, and we’ll reach out and connect with you. Thanks so much.