Homesteading your home in Florida essentially means that it is your primary residence which can provide several benefits that can help you save money and protect your home in the long term.
Property Tax Savings: Homesteading your home in Florida can provide significant property tax savings. Florida law provides for a homestead exemption, which exempts the first $50,000 of the assessed value of your home from property taxes. Additionally, Florida law also provides for a “Save Our Homes” assessment limitation, which caps the annual increase in assessed value on a homesteaded property at 3%.
Protection from Creditors: Homesteading your home in Florida can also provide protection from creditors. Under Florida law, a homesteaded property is protected from creditors, with certain exceptions, such as mortgages and taxes.
Protection from Forced Sale: Homesteading your home in Florida can also protect your home from being sold by creditors. Florida law provides that a homesteaded property cannot be sold to satisfy the claims of creditors, with certain exceptions, such as mortgages and taxes.
Protection from Natural Disasters: Homesteading your home in Florida can also provide protection from natural disasters. Florida law provides that a homesteaded property cannot be sold to satisfy the claims of creditors in case of natural disasters, such as hurricanes, tornadoes and floods.
Overall, homesteading your home in Florida, is enshrined in the Florida constitution, that provide a variety of benefits that can help you save money in the long term and protect your asset. By taking advantage of the property tax savings, protection from creditors, protection from forced sale, protection from natural disasters, and potential for appreciation, you can ensure that your home is protected and that you can enjoy the benefits of home ownership for many years to come.
The annual review period ends March1st so don’t delay, once you have proved that you are living in Florida and it is your primary residence; the status quo remains in place until your situation changes.
For Miami-Dade the online portal is https://www.miamidade.gov/Apps/PA/PAOnlineTools/AutoOnlineFile/ExemptionOnlineMainMenu.aspx
Please don’t hesitate to reach out to me with any queries and I can direct you to the right solutions.