Who is entitled to Homestead Exemptions in Florida? The Homestead Exemption (“HE”) is only available to US citizens and permanent resident aliens (i.e., green card holders); tax resident aliens (e.g., resident aliens under the Substantial Presence Test), corporations and/or business entities do not qualify. How to apply? You are required by law to sign and file a new application for homestead exemption at your county property appraiser’s office. When to apply?
The application has to be filed by March first and the home has to be elected as the primary residence since January first of the same year or before. How to prove Florida residency as of January 1? The items most often presented are a Florida driver’s license and/or Florida voter’s card. How to prove ownership? Any of the following items can be presented: deed to property, property tax bill, title insurance, last will and testament, trust agreement showing beneficial interest or equitable title. What about property tax? The HE reduces the assessed value of a home for property taxes by
$25.000, thus, a home that is assessed at $100,000 will be taxed on the basis of $75,000, with an actual saving of approximately US$500.00. What is the “Save our Homes” Amendment? Florida voters, in 1992 approved Constitutional Amendment 10, which went into effect in 1995 and is known as the “Save Our Homes” Amendment. The amendment caps.