Save On Taxes With A Homestead Exemption

One of the most appealing things about living in Florida (other than the incredible weather) is the lack of an income tax. The downside of this, however, is that property taxes are one of the main ways the government collects revenue from residents. The good news is that there is a great program to help you minimize your property tax burden: the homestead exemption. 

In the state of Florida you can claim up to a $50,000 tax exemption on your primary residence. The first $25,000 of the exemption applies to all primary residences, and you can get an additional $25,000 exemption (excluding school taxes) if the assessed value of the home is more than $50,000. This assessed value of the home is generated by a local property appraiser that determines the value of all the property within an area and determines the property tax amounts accordingly. 

If you want to learn more about how to utilize the homestead exemption to reduce your tax burden or are looking for a new home to take advantage of this program, give our team a call today! To learn more about the homestead exemption as well as other tax savings programs, take a look at this article from Insurify.