Florida Property Tax Exemptions You Should Know

Posted by Daniel Jones on Jul 16, 2018 9:19:00 PM

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Whether you have a home in the Sunshine State, or you own a commercial property in Florida, property tax can be a big expense. Whether you want to appeal your tax bill or not, you should be aware that there are many exemptions available to property owners in this state. If you aren’t taking advantage of these, you could be paying hundreds, thousands, or even millions of dollars too much on your property tax bill. Here are some of the most common property tax exemptions you may be able to take advantage of:

Homeowner Exemptions

If you pay Florida property tax on a residential home, there are many exemptions you may be qualified for.

  • Non-remarried widows and widowers qualify for a Widow’s Exemption of $500 off their property tax.
  • Senior citizens over 65, whose income falls into certain parameters, may qualify for an exemption of up to $50,000.
  • Disabled homeowners, such as those who are legally blind, are eligible for a $500 exemption. If the homeowner is totally disabled, and meets certain income requirements, they may be given a 100% relief from property tax.
  • Veterans that have a service-related disability, or the surviving spouse of a deceased veteran, may be eligible for a $5,000 exemption.
  • Military service members deployed in the previous calendar year may be eligible for an exemption.

There are also exemptions for homeowners who have their primary residence in Florida, depending on their income level, called the Homesteader’s Exemption. With this type of exemption, $75,000 worth of your home’s value is not taxable. Military members who own a home in Florida, but have to live elsewhere because of their service, may also be eligible for this exemption.

If you have been living in Florida for a long time, as opposed to being someone who moved here for retirement or recently, you may be eligible for a long-time resident exemption.

Business Owner Exemptions

The world of Florida property tax laws for businesses is very complex and involves a lot of unique legal situations. For example, there is such a thing called a Freeport Exemption. If part of your business property is a boat, and it is docked in a specific area that is freeport-designated, it can be exempt from taxation.

Business owners in Florida often take advantage of a type of property tax exemption called an abatement. This is an agreement between a business and a local jurisdiction to reduce their property tax bill for a set amount of time – usually, 10 years at the least. This is a way to make it more attractive for businesses to set up shop in specific areas where the jurisdictions want growth.

There are many detailed exemptions that exist for specific types of business property.

How to Apply for Florida Property Tax Exemptions

If you believe that you are eligible for an exemption that you aren’t getting, there are three ways to go about applying for it.

First, if you are a business, you’ll want to present the information about the exemption and your eligibility during your audit. This is the easiest way for an organization to apply for an exemption.

You can choose to wait for your property tax bill to arrive, and then go through the appeals process to attempt to get your exemptions. This can be a more challenging way to get your exemptions, and it does take time and work on your part to present a good case.

Finally, you can communicate with the assessor when you file your property for tax purposes and let them know that you believe your property qualifies for certain exemptions. At this time, the assessor’s office can record this on your information.

What If You Didn’t Realize You Qualified Till Later?

If you’ve just received your tax bill and are looking for ways to make the bill lower, you may have just discovered that you could be qualified for some of these exemptions. If that is the case, you may still be able to get those exemptions on this current bill. You’ll have to go through the tax appeals process.

To appeal your property tax, you’ll have to send a letter to the tax assessor’s office, letting them know that you intend to appeal. This must be done before the local appeals deadline has passed – usually within a month of receiving your bill. Next, you have to build a case that proves that your property tax bill should be less. You’ll need to research the exemptions possible and gather up all the proof showing that you qualify. This may mean income information, medical documents, military records, and more. Be sure you have all the paper work in order and ready to go.

Next, you’ll need to attend a hearing that will be scheduled for you by the tax assessor’s office. There, you’ll present your case to the board, and they can either deny or grant your appeal. If they deny it, there is one more appeal process you can go through. All of this will have to take place within specific time frames, and it’s not always easy.

However, considering that you could save thousands or more on your tax bill, it could be worth it.

Make It Easier with Fair Assessments

At Fair Assessments, it is our job to make the appeals process easier. We can file your appeal, do all the research for your case, prepare your argument for your hearing, and attend your hearing. We’ll make sure that everything happens on the right timeline, and we can even help you find other exemptions you may not have known you qualify for.

We have the expertise needed to help you succeed. With a success rate of over 80%, we know the best ways to present appeals to get the tax bill lowered for Florida homeowners. To learn more, contact us online or email us at info@Fair-Assessments.com. You can also call us at 1-888-422-1804 if you are ready to file your property tax appeal.

 

Topics: Florida Property Tax Appeals

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