Florida Real Estate Tax Exemptions, What You Need To Know

Joseph Jennings | Broker, ABR, PPM, CAM
Tag: Florida Real Estate Tax Exemptions

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Published: Oct. 30 2021 | | By Joe Jennings

Florida Real Estate Tax Exemptions, What You Need To Know

As a service to our clients and followers, Sunny & Associates has put together a list of Florida’s Real Estate tax exemptions. You may be able to significantly reduce your annual property taxes by taking advantage of some or all of these exemptions.

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Joe Jennings at Sunny & Associates
Although the great state government of Florida does not collect any property taxes, local governments receive much of their funding through these taxes. These rates are assessed at the local level and can vary by county, and they are based on the value of the property. Below are several exemptions to try to lighten the load on some Florida residents.

Fallen Heroes Heroes’ Family Tax Relief Act / Surviving Spouses of First Responders

A surviving spouse of a first responder who died in the line of duty may receive a total exemption on homestead property. Please refer to Florida Statute 196.081(6), FS https://www.flsenate.gov/Laws/statutes/2018/196.081

Florida Homestead exemption, up to $50,000

a. The first $25,000 of the exemption applies to all taxing authorities. An additional $25,000 exemption that excludes school taxes if your assessed value is more than $50,000.

b. “Save Our Homes” (SOH) assessment limitation. Following the first year the home receives a homestead exemption and the property appraiser assesses it at just value, the assessment for each subsequent year cannot increase more than 3 percent or the percentage change in the Consumer Price Index (CPI).

Active-duty military and veterans’ exemptions.

Those who served during wartime and have disabilities may be eligible for a $5,000 reduction in their property tax assessment.

b. Homesteaded property owned by Florida veterans who were honorably discharged with a total or permanent service-related disability, may be exempt from ad valorem taxes (proportionate to the property’s value).

c. Partially or completely disabled older veterans (age 65+) may receive a property tax discount equal to a percentage of their disability, as determined by the United States Department of Veterans Affairs.

FL Residents & Home Owners Age 65+ may qualify for an additional homestead exemption of up to $50,000!

a. Household income does not exceed the income limitation. (See Form DR-501)
b. The owned property is worth less than $250,000.
c. Must have lived in the home as your primary residence for at least 25 years.

Resident Owner with disabilities (Form DR-416)

Paraplegic, hemiplegic, or other totally and permanently disabled person, who must use a wheelchair for mobility or who is legally blind, is exempt from taxation if the gross household income is below the current gross income limit.

Additionally, there are exemptions for one or more natural or adoptive parents or grandparents (Age 62+) of the property owner or the owner’s spouse. First responders, Surviving spouse of a veteran, widow or widower.

Classified use assessments 
Any assessment for tax purposes that is less than the property’s just value is a classified use assessment. An appraiser may assess property at lower than just value if it meets the statutory requirements of one of the following uses.

  • Agricultural land, s. 193.461, F.S.
  • Pollution control devices, s. 193.621, F.S.
  • High-water recharge, s. 193.625, F.S.
  • Historic property, s. 193.503, F.S.
  • New construction for parents or grandparents, s. 193.703, F.S.
  • Conservation easements, s. 193.501, F.S.

If you think you may qualify for any of these or other exemptions, contact your local county offices for additional information. Additionally, the link will provide the necessary forms to get the tax exemption process started. Taxpayers Exemptions 

For additional Florida Real Estate information or to speak to Joe Jennings, Broker at Sunny & Associates about SELLING, BUYING, RENTING or PROPERTY MANAGEMENT please click on the link below or CALL 954-982-4842.

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