What is the tax extension for the main residence? Homestead Exemption

The tax exemption is a tax benefit for Florida permanent residents where they can reduce the taxable value of their property. Florida law allows each person who holds legal or equitable title to property and maintains it as his or her permanent residence to claim $25,000 in tax exemption on the assessed value of the property.

Another benefit of obtaining the homestead exemption on your property is that annual taxes can only increase by 3%. Your property, being your main home, is also protected from creditors. In other words, your house cannot be claimed as payment for a debt.

Types of exemptions:

• Widower Exemption: An exemption of $500.00 for widows and widowers. It expires the moment you remarry. You are required to provide the death certificate as proof to obtain the exemption.
• Disability Exemption: This is a $500.00 exemption for homeowners with disabilities in the state of Florida.
• Disabled Veterans: This is for veterans who have at least 10% disability.
• Grandparent Exemption: It is a reduction in the valuation of the property or home of the parents or grandparents.
• Total and Permanent Disability: Exemption for any veteran who has been honorably discharged with a total and permanent disability.
• Institutional exemptions for sole proprietorships or charitable organizations, of a religious, educational, scientific or governmental nature, may be subject to partial or total exemptions.

If you qualify and would like to register your principal property for the homestead exemption, you can visit www.myflorida.com