Florida’s Homestead Exemption – Apply by March 3rd, 2025

If you bought a home last year, you are just one form away from significant tax savings. If you purchased a home in 2024 and occupied it as your primary residence before January 1, 2025, you may be eligible for Florida’s Homestead Exemption. This exemption can reduce your taxable value by up to $50,000, resulting in annual property tax savings of $750 to $1,000 for most homeowners.

However, you must apply by March 3rd, 2025, to take advantage of this benefit for the 2025 tax year. (The deadline is extended because March 1st falls on a Saturday this year.)

Who Qualifies?

• You own and occupy the home as your primary residence as of January 1, 2025.
• You are a Florida resident and can prove it with a driver’s license, vehicle registration, or voter ID.

How Much Can You Save?

Since most if not all homes in Jupiter have an assessed value of over $75,000, you will likely qualify for the full $50,000 exemption, which reduces your taxable value and lowers your property taxes.

Here’s how it works:

• $50,000 Reduction in Taxable Value: The exemption reduces the taxable portion of your home’s value by $50,000.
• All Taxes Benefit from the First $25,000: The first $25,000 applies to all property taxes, including school district taxes.
• Additional $25,000 for Non-School Taxes: The second $25,000 applies to county and municipal taxes but excludes school district taxes.

Example:

If your home is assessed at $400,000, the taxable value after the exemption would be $350,000, potentially saving you $750 to $1,000 annually, depending on local tax rates.

Why It Matters:

In addition to the immediate savings, the exemption locks in protection through Florida’s Save Our Homes Act, which caps future increases in your home’s assessed value at 3% per year or the Consumer Price Index (CPI), whichever is lower.

How to Apply:

• Online: Visit the Palm Beach County Property Appraiser’s website and submit an application.
• In-Person: Go to the local property appraiser’s office with proof of residency and ownership.

Don’t Wait!

The March 3rd, 2025 deadline is fast approaching. Missing it means waiting an entire year for these savings.

Have questions or need guidance? I’m happy to help point you in the right direction.