Last Day to Apply, 2007 Florida Transfer of Homestead or New Exemption

Just a reminder to all that today is the final day to apply for a Florida homestead for either a transfer of homestead or a new homestead exemption for 2008. If you moved into a new home before January 1st of 2008 and it is your main permanent home you may qualify. Please contact your local property appraisers office for more information. Most applications can be made online.

Even if you have not sold your last home but wish to have your homestead moved to your new home you have built or bought this transfer could help you save thousands for your property tax bill. This will apply usually if your newly purchased home is valued at a higher assessment than your last home. I am attaching part of the new Florida bill for those whom it may interest.

Allows for Upsizing or Downsizing but has a maximum transfer amount of $500,000.

Upsizing or homesteading into a house with a market value that is greater than or equal to your existing homestead allows for the transfer of 100% of the Cap protection (up to the $500,000 maximum deduction).

Downsizing or homesteading into a house with a market value that is less than your existing homestead allows for the transfer of the Cap protection percentage equal to that of your existing homestead (up to the $500,000 maximum deduction).

Again the deadline to apply is today for either the transfer or new homestead. So don't wait, do it today, or you will have to wait another year for homestead. For more information contact your local property tax office in your county.