It’s time to file for Homestead Exemption
By ED BRIMNER
Property Appraiser
It’s time! If you are a full-time Wakulla County resident, you should file for homestead exemption if you haven’t already.
Every year we find neighbors who have lived in Wakulla County for years and have never filed for Florida’s Homestead Exemption. If you are eligible for homestead exemption and haven’t filed, you could be overpaying on your property taxes by as much as $550 every year.
A homestead can include up to 160 acres of land and all the improvements you might make to your land.
In some cases, boats, recreational vehicles, or temporary living structures can qualify as a homestead; however, these cases will be evaluated on a case-by-case basis.
New homeowners moving into the county from other states are especially prone to failing to file for homestead because they’ve never heard of homestead.
If your neighbor is new to Florida, please reach out and let them know to file for their homestead exemption as soon as possible.
Perhaps the best-known benefit of Florida homestead is property tax exemptions, however, they are not automatic.
An application for the exemption must be filed with the property appraiser’s office by March 1st — it’s easy and fast. After filing, the exemption is automatically renewed each year until the owner moves away.
Homesteaded property is exempt from all property taxes on the first $25,000 of the appraised value of the homestead.
An additional exemption on county taxes (does not include school taxes) of $25,000 is granted for properties assessed with a valuation greater than $50,000. Those discounts alone are a great benefit, but the “Save Our Homes” limitation is even more valuable.
“Save Our Homes” (SOH) limits the annual increase in your property’s assessed value to 3% or the cost-of-living increase, whichever is LOWER. This can result in substantial tax savings over the years.
In 2008, Florida’s Constitution was amended to allow Florida homeowners to carry up to $500,000 of the cap when they sell an existing homestead and acquire a replacement Florida home.
The homeowner must establish the homestead exemption on the replacement homestead within three assessment years after abandoning the homestead exemption on the previous property.
I encourage all property owners to come see us if you have questions about your property’s assessment or the myriad available exemptions.
We will gladly answer questions, explain processes, and if needed, make corrections. Our goal is always Honest and Impartial Assessments!
If I or my office can ever be of assistance to you, please do not hesitate to contact us at 850-926-0500 or stop by and meet with me or a member of our staff.
Please know I’m available to speak with groups, no matter how small or large, during work hours or after hours.
You can also visit our website at www.mywakullapa.com.
Ed Brimner, CFA, is Wakulla County Property Appraiser.
