The Homestead Exemption is a valuable property tax benefit that can save homeowners up to $50,000 on their taxable value.
- The first $25,000 of this exemption applies to all taxing authorities.
- The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000.
Homestead Exemption and Portability
Property owners with Homestead Exemption and an accumulated SOH Cap can apply to transfer (or “Port”) the SOH Cap value (up to $500,000) to a new homestead property. This application is known as the “Transfer of Homestead Assessment Difference”. The annual filing deadline for this benefit and any other property tax exemption is March 1, 2023.
Homeowners can now complete the entire application process for Florida’s Homestead Exemption. For the Homestead Assessment Difference (commonly referred to as Portability) on this website, submit their application directly to the Property Appraiser’s Office.
Exemption Denials
A letter will be mailed to the applicant by July 1 detailing why.
Save Our Homes Cap (SOH Cap)
It includes an additional benefit that limits the annual increase of the assessed value to 3% or the Consumer Price Index (CPI), whichever is less. This benefit is called “Save Our Homes Cap (SOH Cap)”, and over time, may result in savings of thousands of dollars.
Refer to the Miami-Dade County website for more information: https://www.miamidade.gov/pa/exemptions.asp
If you want to learn more, you may contact us or visit our website at www.lgrealtygroup.com