Buyer question
What is the homestead exemption, and when do I apply after buying?
Short answer
It is a Florida property tax exemption for a home you own and live in as your permanent residence on January 1. You apply with the county Property Appraiser, and the usual deadline is March 1 of the year after you buy.
What it does
- Lowers the taxable value of your home (the amount is set by Florida law; the Property Appraiser lists the current figure)
- Starts the Save Our Homes cap, which limits how much your assessed value can rise each year
How to apply in Miami-Dade
File with the Miami-Dade Property Appraiser after you move in. You need to own the home and make it your permanent residence as of January 1 of the tax year.
If you sold a Florida homestead recently, ask about portability, which can transfer part of your old tax benefit to the new home.