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Homestead Exemption Requirements 2025
Homestead Exemption Requirements 2025
Are you a homeowner in Florida? This information might interest you!
Owning a home in Florida comes with financial perks that can help reduce property tax liability. Programs like the Homestead Exemption and the Save Our Homes (SOH) Assessment Limitation enable thousands of Florida homeowners to save significantly on their property taxes annually. Additionally, other exemptions are available for property owners with unique circumstances, such as disabilities, military service, or specialized property uses.
Key Benefits for Homeowners
- Homestead Exemption
Florida homeowners who make their property their primary residence—or that of their dependents—may qualify for a Homestead Exemption, which can reduce the property’s taxable value by up to $50,000.
- Save Our Homes (SOH) Assessment Limitation
The SOH cap restricts the annual increase of assessed property values to 3% or the Consumer Price Index (CPI), whichever is lower. This helps shield homeowners from drastic property tax increases due to rising property values.
- Portability of SOH Benefits
While the Homestead Exemption itself is nontransferable, Florida allows homeowners to transfer (or “port”) their SOH assessment savings to a new homestead within the state. This portability ensures continued tax benefits even after relocating.
- Additional Benefits for Special Groups
Exemptions and discounts are also available for:
- Senior citizens
- Veterans and active-duty military service members
- Individuals with disabilities
- Disabled first responders
- Properties serving specialized purposes
Empower Your Finances
By understanding and leveraging these tax exemptions, Florida homeowners can take control of their property expenses and potentially save thousands of dollars each year. To learn more about your eligibility or to apply, consult your local property appraiser’s office or official government resources for detailed guidance.
Take advantage of these programs today to make the most of your Florida homeownership!
For Local Information you can also contact your County Appriser
Source: Florida Department of Revenue
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by Elsa Soto | Aug 30, 2018 | Blog, Homeowners, News, Real Estate Components, Real Estate News
So now you’re stuck with a special assessment from your Home Owners Association. Are you wondering how this is possible and if you actually are liable to pay it?
By Gary M. Singer
Sept. 3, 2018 – Question: Our association is specially assessing all of the owners several extra payments to fund a refinance of a loan we took out for the clubhouse renovation from a few years ago. Can they do this? – Joel
Answer: As long as your association follows the correct procedure, it can pass a special assessment. When your association has a unique expense that the regular maintenance dues cannot cover, it can pass a “special” assessment. These assessments can be a one-time payment, or they can be spread out over a period of time. However, unlike your regular dues, they do not continue indefinitely. Once their purpose is funded, the assessment is complete, and the money cannot be used for any purpose other than what it was created for.
Generally, your board can pass a special assessment without a full vote of all the owners. The board must specifically notify the owners in advance that the issue will be voted on at an upcoming meeting and must publicly decide. Of course, like with many association-related matters, your community may have more stringent requirements, so be sure to check your community’s documents.
Special assessments are often levied for needed repairs that the association cannot currently afford or to renovate the community. Common examples are for roofing projects, to replace fences or repave the roads and lots. Since your association may not have saved the necessary reserves, and it is not realistic to expect the homeowners to pay for the entire repair up front, your board may choose to borrow the money from a bank and have the special assessments repay the loan.
Boards can also refinance such loans to get better terms or to pay off the loan early, as seems to be the case for you. While it is unpleasant to have to pay extra, it is often the only way to maintain your community while keeping your monthly dues as low as possible – something every homeowner wants.
About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.
© 2018 Sun Sentinel (Fort Lauderdale, Fla.), Gary M. Singer. Distributed by Tribune Content Agency, LLC.
Source: Florida Realtors