Buy Before Dec 31st To Get Your Homestead Exemption

It’s that time of the year again and if a primary residence is being purchased and it closes by the end of the year their Homestead Exemption will kick in at the end of 2013 rather than the end of 2014.

Not only does this reduce the amount of the property taxes but it also puts a cap on how much they can go up. The bottom line is that the basic homestead exemption saved a Broward homeowner in 2011 anywhere from $648 to $1,147 (depending upon the city’s millage rate) in annual tax savings for all homes with a value of $75,000 or higher.