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What is Homestead Exemption In Florida?

Updated: Jan 28, 2023

Homestead is a legal term in Florida that refers to a person's primary residence. In Florida, homeowners are eligible for certain tax exemptions and protections when they designate their property as their homestead. This can include exemptions on property taxes and protection against creditors in certain situations.

  1. Property Tax Exemption: Florida homeowners who have their property designated as their homestead are eligible for a property tax exemption. This can result in a significant savings on property taxes each year.

  2. Protection Against Creditors: Florida homestead properties are protected from creditors in certain situations. This means that creditors cannot force the sale of a homestead property to satisfy a debt, with some exceptions like tax debts and mortgages.

  3. Save on Insurance: Homeowners with a homestead property may be eligible for discounts on their homeowner's insurance.

  4. Property Transfer Restrictions: Homestead properties in Florida have certain restrictions on their transfer. For example, a married couple can only sell or transfer their homestead property with the written consent of both parties.

  5. File for homestead exemption: To take advantage of the benefits of homestead, homeowners must file for homestead exemption with the property appraiser's office in their county of residence by March 1st of the year following the date of acquiring the property.

It's important to note that not all properties are eligible for homestead exemption in Florida. To qualify for homestead, a property must be the permanent residence of the owner as of January 1st of the tax year, and the property cannot be used for income-producing purposes. Additionally, there are limits on the amount of land that can be designated as homestead.

In conclusion, homestead is a legal term in Florida that provides certain tax exemptions and protections for homeowners who designate their property as their primary residence. By understanding the benefits and restrictions of homestead, Florida homeowners can make informed decisions about their property and potentially save money on taxes and insurance. It is important to file for homestead exemption by the deadline in order to take advantage of the benefits.


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