Florida Homestead Exemption and Property Tax Reforms

In a January 2008 ballot measure, Florida voters approved a constitutional amendment that introduced several changes to our state's property tax system. The four changes may affect the amount of tax you owe:

• Increased Homestead Exemption: If you're currently receiving a $25,000 homestead exemption on your property taxes, you will automatically be upgraded to a $50,000 exemption this year. If you are a homeowner and do not currently receive the exemption, you may file your application in person along with a $15 late fee, through mid-September.
• Save Our Homes Portability Cap: You may now trasfer up to $500,000 of your property tax cap to a new home when you move. To take advantage of this benefit, you must file a Homestead Exemption and Portability Application.
• Tangible Personal Property Tax Exemption: If you're required to file a Tangible Personal Property Tax Return, you're entitled to a $25,000 exemption on business equipment.
• Non-Homestead Cap: Beginning next year, those properties not eligible for a homestead exemption may apply to receive a 10% cap on property tax increases.