1. What is a Homestead Exemption?

There are a number of state and local laws providing exemptions that can result in a lower taxable value on certain properties. The homestead exemption is the most common and can provide up to $50,000 off the assessed value of a property used as the owner’s primary residence. This includes an initial $25,000 exemption and an additional exemption (up to $25,000) off the assessed value over $50,000. The additional $25,000 exemption does not apply to the school tax levy, and does not require an application.

Another benefit of the homestead exemption is the establishment of the “Save Our Homes” cap on annual increases in the assessed value. The assessed value of homesteaded property cannot increase more than 3% each year unless there are changes made to the property or the homestead removed.

2. What is the additional $25,000 Homestead Exemption?

As mentioned above, Property Owners who qualify for the $25,000 homestead exemption also qualify for the additional $25,000 exemption. The additional $25,000 exemption applies to properties with assessed values greater than $50,000. For example:

If you have a homestead exemption on a parcel that has an assessed value of $67,455 then you would receive a homestead exemption amount of $25,000 and an additional homestead exemption amount of $17,455.
If you have a homestead exemption on a parcel that has an assessed value of $204,429 then you would receive a homestead exemption amount of $25,000 and an additional homestead exemption amount of $25,000.
If you have a homestead exemption on a parcel that has an assessed value of $44,885 then you would receive a homestead exemption amount of $25,000 and the additional homestead exemption would not apply.

3. Can I receive a homestead exemption on a mobile home?

Yes, if you own both the land and the mobile home and they are titled identically. You must declare your mobile home to be a permanent structure, and you make a one-time purchase of an RP tag for your home. Once you meet these requirements, your home will be included on the real estate tax roll and no further license tag fee will be required.

4. Do I qualify for the Homestead Exemption?

You are entitled to a Homestead Exemption if, as of January 1:

You have legal title to the home (If filing for a Trust, provide a copy of the Trust document);
You have established Monroe County as your legal domicile;
You reside on the property; and
You are a US Citizen or Permanent Resident.

For more information and answers to questions like these, visit the Monroe County Property Appraiser’s website. http://qpublic.net/fl/Monroe/faq_exemptions.html

About the author

Derrick Johnson

Derrick Johnson

REALTOR®

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