Homestead Exemption
Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to nonschool taxes.
If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder
If filing for the first time, be prepared to answer these questions:
1. In whose name or names was the title to the dwelling recorded as of January 1?
2. What is the street address of the property?
3. How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or voter’s Registration will be proof of date before January 1.)
4. Do you have a Florida license plate on your car and a Florida driver’s license?
5. Were you living in the dwelling on January 1?
Annual Reassessment Requirement
The property appraiser assesses all property at just value each year when you establish your homestead exemption, your assessed value is equal to your justlmarket value. Should the just value of your homestead increase, your assessed value increase is limited to 3 percent or the Consumner Price Index CPI), whichever is less. This assessment limitation was created in Amendment 10 to the Florida Constitution and is informally knowm as the “Save Our Homes cap.”
In the circumstance where your market value declines, the provisions of the Amendment 10 assessment limitation do not continue to reduce your assessed value. Instead, your assessed value will be increased each year by 3 percent or the Consumer Price Index (cPlI, whichever is less, until the assessed value is the same amount as the market/just value. The assessed value can never exceed just value (see s.193.155, FS. and Rule 12D-8.0062 FAC.).
Petition to lnitiate Rulemaking
This is the document containing the 1995 petition made by the Broward County Property Appraiser to promulgate an administrative rule on the Amendment 10 assessment limitation.
Final order Upholding the Validity of the Amendment 10 (save Our Homes) Rule
This is the document containing the nuling by a Division of Administrative Hearings Administrative Law Judge upholding the administrative rule.
Sunimary of Final Order Upholding the Validity of the Amendment 10 (save our Homes) Rule
This summary explains the Department of Revenue’s rule regarding increases in assessed value under the Save Our Homes constittutional amendment and the results of the 1995 challenge to that rule.