Q. I bought a new home in Nov but have not received my deed. Can I still file for homestead exemption?
A. Yes, you don't need to wait to receive your recorded deed in the mail to file as it should be available online a few days after closing. Just visit your county's Clerk of Courts website and go to the official records page. To apply you'll need other documentation in addition to your deed so check with your property appraiser for the list of requirements. As a reminder to anyone who bought a primary, owner occupied Florida residence in 2020, the deadline to file for homestead exemption is March 1, 2021. The current exemption on your home will not transfer unless you apply. If you have any questions please don't hesitate to reach out...the clock is ticking.
So why apply for Homestead Exemption? Florida residents are eligible for the Homestead Exemption on their owner occupied, primary homes, condominiums, co-op apartments, and certain mobile homes as long as that property was your primary residence as of January 1st.
The exemption removes $25,000 off the assessed value and could provide up to another $25,000 additional exemption off assessed values over $50,000. (This additional exemption does not apply to school millage.) Not only does the homestead exemption lower the value on which you pay taxes, it also triggers the "Save Our Homes" benefit which limits future annual increases in assessed value to 3% or less.
And, if you sold a Florida primary residence to purchase your current home, you may be able to take advantage of the tax portability. Please check with the property appraiser's office to determine your eligibility.
You may apply anytime after you receive your original recorded property deed as long as you do so before March 1, 2021. If you live in Duval County you may file online at http://www.duvalpa.com.
Have a real estate question or need some sound advice? Call or text Phyllis Staines at (904) 476-7653 or email pstaines@aol.com.