You Need To Know About Homestead Exemptions

Did you know that the deadline is right around the corner to file for a homestead exemption? March 1 is the cutoff, so mark your calendars. To help you get ready for filing, today I’m sharing some important information about homestead exemptions, how they work, and how they benefit you.

First, the homestead exemption is up to $50,000. That not only saves you money right off the bat, but it also caps how much your taxes can go up each year. Plus, a homestead exemption protects you from certain fees.

Next, let's talk about portability. If you live in your home for an extended amount of time, you can take that $50,000 homestead exemption plus the additional portability exemption that you get for moving primary residences from one homestead to another. If you're looking to upsize, downsize, or you need to rightsize your home and make a change for any reason at all, portability is a must-have, and I'm happy to explain it to you and even walk you through the process of how to file for it.

"March 1 is the cutoff to file for a homestead exemption."

One other thing you should know about portability is that you only have two years to move into a new homestead, so it’s okay if you’re waiting for your new home to be built, but just know that two years is the hard deadline. 

If you want more information, listen to my in-depth conversation with Mike Fasano by tuning in on Friday, March 10 at 9 a.m. on Tampa Home Talk. You can also catch us on 103.1 FM, 92.1 FM, 1010 AM, or 99.5 HD2, or go to www.moneytalk1010.com to listen live. 

If you miss the show, don’t worry, we will have it on a podcast. In the meantime, if you have any questions, don’t hesitate to call or email me. I am always willing to help!