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Florida Property Taxes
Property Taxes and Save Our Home
The Save Our Home amendment of the Florida Constitution caps how much the assessed value of homesteaded property can increase in a given year. According to Florida law, the just value of homesteaded property may be increased either:
- 3 percent annually (based on the assessed value for the prior year); or
- The percentage change of the consumer Price Index for the preceding year; whichever is less.
The statute also provides that when homesteaded property is sold, it will be assessed at just value as of January 1 of the year following a change in ownership.
The assessed value of a particular property may significantly increase after a change in ownership if the current owners have lived in the home for a number of years and the property in the area has experienced strong property appreciation. Buyers should not estimate their property taxes on their anticipated purchase based on the seller’s current taxes because the purchaser may be liable for substantially higher property taxes than the previous owner of the home.
Buyers who have questions concerning the amount of property taxes they can expect to pay on the homes they are considering should contact the county property appraiser’s office.
Florida Homestead Exemption
Florida Law entitles every person, who has legal or equitable title to real estate and maintains it as his/her permanent residence, to apply for a $25,000 homestead property tax exemption. A partial exemption may apply if the ownership of the applicant is less than 100%. Filing need be done only once so long as you continue to live on the property.
To be eligible, you must meet the following requirements as of January 1st:
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Have legal or beneficial title to the property, recorded in the Official Records of Orange County
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Reside on the property
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Be a permanent resident of the State of Florida
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Be a United States citizen or possess a Permanent Residence Card (green card).
When to File?
The deadline to file an application for exemption is March 1st. Under Florida law, failure to file for any exemption by March 1st constitutes a waiver of the exemption privilege for the year. Regular filing is January 2nd - March 1st. Pre-filing for the coming year is March 2nd - December 31st.
Note: 2008 filing period extended to March 3rd, in accordance with section 192.047(2), Florida Statues.
Contact the Tax Collectors Office for the county in which you reside. |