Florida is a great place to retire for many reasons. The nice weather is the obvious draw for many seniors. Another is that there are various tax incentives for seniors in Florida. Among them are the homestead exemptions that can reduce property taxes for seniors. You can reduce your housing costs by leveraging the Florida homestead exemption for seniors. This post will cover the basics seniors need to know about homestead exemptions in Florida.
Florida Homestead Exemption for Seniors: What You Need to Know
The Standard Homestead Exemption
Before covering exemptions specific to seniors, let’s look at the standard homestead exemption in Florida. The standard homestead exemption allows homeowners to take an exemption of up to $50,000 on their primary residence. Your name must be on the title to claim a homestead exemption. It must also be your primary residence as of January 1 of the year in question.
The first $25,000 exemption includes all property taxes. Beyond that, up to $25,000 applies to the assessed value between $50,000 and $75,000 and only to non-school taxes. For example, consider a property with a $60,000 assessed value. It would make the first $25,000 exempt from all property taxes, and the next $25,000 would be taxable. The next $10,000 would be exempt from non-school taxes.
Senior Homestead Exemption
People over 65 may enjoy additional tax relief with the senior homestead exemption. To qualify, seniors must already receive the standard homestead exemption and have a household income within certain limits. The income limits adjust annually to account for the cost of living. This exemption can reduce the property’s taxable value by up to $50,000. It is important to note that the exemption may differ depending on location. Seniors should also know that this exemption is not available in all locations.
Long-Term Resident Senior Exemption
Some counties and cities in Florida offer an additional homestead exemption for seniors who are also long-term residents. Eligibility requires that the individual be at least 65. The property must have also been the senior’s home for at least 25 years. The property must also have a value of less than $250,000 for the first year the senior applies. This exemption is also subject to income limitations. For eligible seniors, this could provide an exemption of up to the property’s assessed value.
Florida homestead exemptions can offer valuable tax relief to seniors. You can learn more about which counties and cities offer these exemptions at this link. Seniors should also contact their local tax appraiser for more information about homestead exemptions and their requirements.
Do you or a senior loved one need legal services? Click here to contact the Scott Law Offices. We are local elder law experts serving seniors and their families. Reach out now to learn more about our elder law services.
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