Did You Buy a Home in 2024? Don’t Miss the Homestead Exemption Deadline!

Congratulations on your new home! If you purchased a property in 2024, there’s an important deadline you won’t want to miss: the deadline to file for Homestead Exemption is March 3, 2025.

What is Homestead Exemption?

In the state of Florida, the Homestead Exemption is a valuable property tax benefit for homeowners. If your property is your permanent residence and you owned it on January 1 of the tax year, you may qualify for this exemption. Here’s how it works:

• First $25,000 Exemption: A $25,000 exemption is applied to the first $50,000 of your property’s assessed value. This portion applies to all taxes, including school district taxes.
• Additional Exemption: If your property’s assessed value is between $50,000 and $75,000, you’ll receive an additional exemption of up to $25,000. This portion does not apply to school district taxes.

Why File for Homestead Exemption?

Exemptions reduce the assessed value of your property, which in turn lowers the amount of property taxes you’ll owe. This benefit can save you a significant amount of money each year—a smart way to make homeownership even more affordable!

How to File

Applying for the Homestead Exemption is simple. Visit the Palm Beach County Property Appraiser’s website for detailed instructions and required documentation.

Need Help?

Understanding property taxes and exemptions can be overwhelming, but you don’t have to navigate it alone. The Sean Underwood Team is here to help! Feel free to reach out to us with any questions about the Homestead Exemption or other aspects of homeownership.

Mark your calendars and file before March 3, 2025, to take advantage of this fantastic tax-saving opportunity. We’re always here to support you in your homeownership journey!