If you’re a Florida homeowner aged 65 or older, the homestead exemption can offer real property tax savings. This exemption helps lower the assessed value of your primary residence, which can reduce your annual property tax bill. But there’s more to it than the standard exemption—Florida provides extra benefits for older adults.
Understanding the basic homestead exemption
In Florida, the standard homestead exemption allows up to $50,000 off the assessed value of your primary home. The first $25,000 applies to all property taxes, including school district taxes. The second $25,000 applies only to non-school taxes. This applies as long as you own and permanently reside in the home as of January 1 of the tax year.
Additional exemption for low-income seniors
If you’re 65 or older and meet certain income limits, you may qualify for an additional homestead exemption of up to $50,000. Your total household income must fall below an amount set by the state each year. This exemption only applies to property taxes levied by the county or city granting it, not all taxing authorities.
Some counties also offer a long-term residency exemption. If you’ve lived in your home for at least 25 years, meet income requirements, and the home’s market value is below a set threshold, you could pay little to no property tax.
Portability and protection from creditors
Florida’s homestead laws protect your home from most creditors. This protection applies no matter your age, but it’s especially helpful during retirement. You can also carry your “Save Our Homes” tax savings to a new residence within the state. This helps older adults downsize without losing long-term tax benefits.
Take the time to review your eligibility
Florida’s homestead exemption laws give older adults the chance to reduce tax burdens and protect their homes. Reviewing your eligibility each year can make a big difference.