The statewide average is 1.02%. If you qualify, you can reduce the assessed value of your homestead up to $50,000. Number of Owners. 3% property tax rate. This estimate should not be relied upon as a definitive determination of annual taxes. Another benefit from homestead exemption is the Save Our Homes cap. There are no guarantees that working with an adviser will yield positive returns. You have a $100,000 benefit. Property taxes and property tax rates in Florida rank near or below the national average. Must be submitted by March 1st of the year being applied for. The most widely claimed exemption is the homestead exemption, which you can claim on owner-occupied residences to protect the value of the home from property taxes, creditors and challenges that arise from the death of a homeowner spouse. The amount that can be deferred is based on age and the adjusted gross income of all members of the household. Floridas homestead laws are one of the many attractive features of living in the Sunshine State. Here are suggestions: As a real estate professional, the more knowledgeable you are about the advantages of homeownership, the better you can help your customers. Fill out the application for the Homestead Exemption for your new home. . Read the full article in Florida Realtor Magazine here Property Taxes - It Pays To Be Informed "Do you talk to your buyers and sellers about homestead and portability? Call us at (786) 837-6787, or contact us through the website to schedule a consultation. Hillsborough County contains the city of Tampa and has a population of more than 1.3 million people. Note: The calculator is in estimator mode: . The additional $25,000 exemption is available for non-school taxes and applies only to the assessed value between $50,000 and $75,000. 777 SW 37th Ave *Disclaimer: this blog post is not intended to be legal advice. An application will become available November 1st, online or by contacting our office at (321) 264-6969. Quick guide on how to calculate portability in Miami-Dade County > Click Here, Application to port from a prior homestead to be turned in when you file for a new homestead exemption. The Portability Amendment literally made that tax savings "portable" so you can now transfer up to $500,000 of your accrued Save Our Homes benefit to your new home. Portability went into effect on Jan. 1, 2008, and has become important given the decade-long runup in Florida property values. As a result real estate taxes are also lower in absolute terms. Once youve decided your benefit, the process works as normal. [CDATA[// >