#ChickChat Episode 59- All about Florida's HOMESTEAD EXEMPTION
We are talking today about the homestead exemption. This is an amazing thing that Florida offers. And if your home that you're living in is your primary residence, you should definitely definitely have the homestead exemption.
This exemption can reduce the taxable value on your home by $50,000. More importantly, your assessed value, which is what your taxes are based on, cannot go up more than 3% year after year as long you've homesteaded your home. This is amazing for high growth areas in central Florida. This is another added benefit of owning your home. Let's say that you're renting your home and your landlord cannot homestead the property that you're renting because it's not their primary residence. Their taxes can go up and up and up, which means that your rent's going up. The deadline to file is March 1st of every year. And you can file in person, online or by mail. And if you are one of our clients, we send out a reminder every January.
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