Buy Before The End of The Year To Get Your Homestead Exemption for 2012
If you are thinking about buying a primary residence there has never been a better time in Fort Lauderdale & South Florida with interest rates at historic lows and also to get your Homestead Exemption in for 2012.
In order for your Homestead Exemption to kick in before the end of the year you need to buy by December 31st, 2011 and file for your Homestead by March 1st, 2012. If you buy after December 31st, 2011 you won’t get it until the end of 2013.
“All legal Florida residents are eligible for a Homestead Exemption on their homes, condominiums, co-op apartments, and certain mobile home lots if they qualify. The Florida Constitution provides this tax-saving exemption on the first and third $25,000 of the assessed value of an owner/occupied residence. While a complicated formula is used to explain this — as the additional $25,000 only applies to the non-schools portion of your tax bill — the bottom line is that the basic homestead exemption saved a homeowner in 2010 anywhere from $688 to $1,029 (depending upon your city’s millage rate) in annual tax savings for all homes with a value of $75,000 or higher. “