Chandra EtienneBy Chandra EtienneMarch 1, 2024In Real Estate, Finance

Homestead Exemption – What is it?

Property owners with Homestead Exemption and an accumulated SOH Cap can apply to transfer (or “Port”) the SOH Cap value (up to $500,000) to a new homestead property. This application is known as the “Transfer of Homestead Assessment Difference”, and the annual deadline to file for this benefit and any other property tax exemption is March 1st. First-time Homestead Exemption applicants and persons applying for the Homestead Assessment Difference (Portability) can file online.

The Homestead Exemption is a valuable property tax benefit that can save homeowners up to $50,000 on their taxable value.

  • The first $25,000 of this exemption applies to all taxing authorities.
  • The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000.

Application for Miami-Dade County: https://www.miamidade.gov/Apps/PA/PAOnlineTools/AutoOnlineFile/ExemptionOnlineMainMenu.aspx

Application for Broward County: https://web.bcpa.net/homesteadonline_with_portability/web/index.aspx

Application for Palm Beach County: https://secure.co.palm-beach.fl.us/papaefile/web/PINRequestAndGeneration/HEApplicationProcess.aspx

 

Be sure to contact us if you need assistance locating or completing the online application to apply for property tax savings!