When can I apply for a homestead exemption? You can apply as soon as you become the owner of the property and become a permanent resident of the state of Florida and move into the property that you purchase. When you make application, you’re applying for the next calendar year, so if you buy a property in 2012 and you move into the property and you own it, you can apply at any time up until March 1, 2013 for homestead exemption.
There are two exemptions. One exemption is for the first $25,000.00, which exempts about $500.00 in taxes. There’s an additional $25,000.00 exemption with the assessed value between $50,000.00 and $75,000.00 and that exempts everything but school taxes, which will save you approximately $300.00. So, you can apply as soon as you have your recorded deed or to show that the proof of ownership – you occupy the property and you’re a permanent resident in the state of the Florida.
How do you show that you’re a resident of the state of Florida? Get a Florida driver’s license. That’s the first step, which I understand’s not particularly easy anymore with all the identification you need (but that’s a topic for another video I guess) and also if you register to vote, that’s another good indication.
You can’t have any homestead exemptions from any other state, if you own property in more than one state. However, you can apply as soon as possible, but it’s for the following year. If you have any more questions, give me a call at (727) 847-2288.