Attention New Homeowners!

MoneyDon’t forget to file for Florida’s Homestead Exemption

New Year, New Saving! If you purchased your home in 2010, the following information could benefit you, where you want it most…YOUR WALLET.

For any new homeowners out there, I hope you all enjoyed your new homes this holiday season. With the tax season ahead of us, now is the time to file for your Homestead Exemption. This is something every homeowner should do with their primary residence, it being a large discount on your taxes-why wouldn’t you?

You may be eligible to claim up to $50,000.

This exemption is a benefit to you when the end of the year real estate property taxes are calculated. Think of it as Uncle Sam’s gift to you! If you purchased a home during 2010 and it is your primary residence as of January 1, 2011 then you automatically qualify for the initial $25,000 exemption. This amount is subtracted from your home’s assessed value, reducing your taxable amount for ALL taxing authorities. (Your home’s assessed value is determined by the Miami-Dade Property Appraiser Department).

For homes assessed at a value greater than $50,000 you may claim the extra $25,000. However, this will exclude school board taxes.

The deadline to file is March 1, 2011.

All property tax exemption applications and supporting documents are due on or before March 1. It can be filed in person or by mail. Required documents include proof of ownership and proof of Florida residency. Non-citizens will need to provide proof of US Residency.

If you would like to download the application form and view more information on required documents, I have provided the link below.