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As a property owner in Florida, homestead exemption is one way to reduce the amount of real estate taxes you pay on your residential property. In the State of Florida, if you own property and make the property your permanent residence as of January 1st of the tax year, you may qualify for homestead exemption and save hundreds of dollars. The deadline to file for the Homestead exemption is March 1st. Homestead exemption is $25,000 deducted from your assessed value before the taxes are calculated plus an additional homestead exemption up to $25,000 applied to the assessed value above $50,000. The additional exemption does not apply to school taxes. The year after you qualify for homestead exemption, your assessed value cannot increase more than 3% per year, or the increase in the consumer price index (CPI), whichever is lower. If you move, your homestead exemption does not automatically follow to your new residence, you would need to reapply. In Citrus County, most homeowners save on average $400-$600 each year. Want to save money on your tax bill? Below are additional exemptions that you might be eligible for:
$5,000 off your assessed value.
- Widowed, Blind, Veteran disabled 10% or more, or Totally and Permanently disabled (FL Permanent Handicap Parking Placard/SSI disability).
Disabled (Total & Permanent):
- Hemiplegic, Paraplegic, Wheelchair required, or Legally Blind. (Gross Income Based)
- Quadriplegic
Disabled Veteran or First Responder Exemptions/Discounts:
- Disabled veteran confined to wheelchair, service-connected.
- Disabled veteran discount, 65 or older which carries over to the surviving spouse.
- Service-connected totally and permanently disabled veteran or veteran’s surviving spouse.
- Surviving spouse of veteran who died while on active duty.
- First responder totally and permanently disabled in the line of duty or surviving spouse.
- Surviving spouse of first responder who died in the line of duty.
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