How to Save on Your Property Tax Bill
How to Save on Your Property Tax Bill
Did you know there is more than just the $50,000 standard exemption on your primary residence?
Let me explain how you may be able to save thousands of dollars on your property taxes.
Florida law allows homeowners to apply for a portion of the assessed value on your primary residence to be exempt from property tax. When you purchase a home and it is your primary residence (or if the property became your primary residence during the year) you can file for Florida’s standard $50,000 homestead exemption.
In addition there are several exemptions you may be eligible for:
- Disabled Veterans
- Homeowner’s 65 years or older
- Widow/Widower
- Deployed for military service
- “Granny Flat” exemption (if living quarters are provided for parents or grandparents)
- Disabled homeowners may qualify for additional exemptions
- The deadline to qualify for any of these exemptions is annually on March 1.
In addition if you deeded your property into a trust, life estate or made any changes to how the property is titled the homestead exemption needs to be re-filed. This includes changes to the property ownership due to death or divorce.
Have you sold a primary residence and purchased another home? You may qualify for additional tax savings with the “Save Our Homes Portability” benefit.
This allows homeowner’s to transfer the dollar value difference between the assessed value and the market value of the home you sold to a new primary residence. To receive this benefit you must apply for BOTH the homestead exemption and the portability transfer; for more information contact the County office prior to March 1. Once the exemption is granted your property tax assessment will be reduced; this saves you money in property taxes you pay.
I’ve also written an article about these topics in Florida Today:
https://www.floridatoday.com/story/money/2018/07/31/ways-save-your-property-tax-bill/859201002/
For your convenience you can download the homestead forms here or on the Brevard County Property Appraisers site here.
It’s easy, takes about 10 minutes and can be done in person, by mail, or online.
https://www.dyermortgage.com/wp-content/uploads/2018/10/Form_Homestead-1.pdf
https://www.bcpao.us/exemptions.aspx?t=all
https://www.dyermortgage.com/wp-content/uploads/2018/10/Form_Portability-1.pdf
https://www.bcpao.us/caps.aspx?t=portability
Please contact us for assistance and information about how these exemptions can reduce your mortgage payment!
Bobbie Dyer, Division President
NMLS # 498952
Dyer is a Division President of the Dyer Mortgage Group in Melbourne. She can be reached at 321-215-4419 or bdyer@dyermtg.com
Check out this article on Florida Today’s website here.
