What is Homestead Exemption & Why You Should File? | January 5th, 2021

Hi it’s Bruce Woodburn with CrossCountry Mortgage and I want to wish all of you a Happy New Year and let you know how much I appreciate the opportunity to help you with your mortgage. For my clients that purchased a new home as a primary residence in 2020, I want to remind you to file for homestead exemption right away. Homestead exemption is an opportunity that we have in Florida to be able to save money on property taxes. With homestead exemption, you can get a $25,000 deduction on the amount assessed on your property. For example, let’s assume that you have a property that’s worth $300,000. If it’s assessed at $250,000 you would only pay taxes on $225,000. That’s a pretty good discount and it does save you a lot of money! I’m sending out this reminder because I have seen, in some cases, where people, particularly people who bought new construction, have forgotten to file for homestead exemption and that is a big mistake.

Below I have provided a link to my website where you can find the information for most of your local counties. I didn’t cover them all because we do loans all over the state, but I did cover most of them locally. Each county has different requirements, so make sure you check out your counties requirements to see what is needed. Typically, you have to send them a copy of the deed or something to indicate that you’re occupying the property like utility bill and some identification, maybe your closing statement from when you purchased the home. If you need your closing statement, please reach out to us directly and we will be happy send you what we have from our records.

Thanks again for the opportunity to help you with your mortgage, and I’m always here to help you and your family anytime in the future, you can always count on me. Even if you’re mortgage doesn’t look like it’s being held or service by me, I’m always there to help. That is a PROMISE! Have a great 2021 and thank you again for the opportunity to help.

Check Your County’s Requirements Here

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