The March 3 deadline to file for homestead exemption in Orange County is fast approaching. Filing for homestead exemption on your primary residence will reduce the taxable value by $50,000 and result in a savings of $1,000 a year on your property taxes. Last year, the homestead exemption only gave half that so bring it on for 2008. I think we could all find use for the spare change. All you have to do is apply and you can do it online, by mail, or in person. If you’re reading this now, it’s probably too late to mail it. It’s a no brainer. Just do it. You only have to file once and you get the savings every year you own the house.
Those who purchased a home in 2007 and eligible for the portability of the Save Our Homes Cap will save a heck of a lot more with the passage of Amendment 1 in January. Those who have built up their Save Our Homes Exemption in their old home will be able to apply it to their new home. This is huge. The Save Our Homes Cap limited tax increases by 3% per year and allowed many long time homeowners to keep taxes at a more reasonable rate and now they can take it to their new home. Whether you purchased your home recently or a long time ago, we’ll all benefit from Amendment 1.
related post: Florida Passes the Property Tax Cut Package