How much tax exemption can Florida homeowners receive on their homestead property?

Florida homeowners can receive a homestead tax exemption of up to $50,000. This exemption helps reduce the taxable value of a property, thereby lowering the overall property tax bill for eligible homeowners. The first $25,000 of the exemption applies to all property taxes, including those levied by local governments, and an additional exemption of up to $25,000 applies to the assessed value between $50,000 and $75,000, which is only applicable to non-school taxes.

This exemption is designed to benefit homeowners and encourage homeownership in the state. It is important for homeowners to file for this exemption annually to ensure they receive this benefit. Those who qualify generally must use the property as their primary residence and meet certain legal requirements set forth by Florida law.