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Understanding the Homestead Exemption in Volusia County
Are you a Florida homeowner? If you’re living in Volusia County and your home is your permanent residence, you could save big on your property taxes through the Homestead Exemption. Let’s break it down so you can take advantage of these savings!
For more information and to apply, visit the Volusia County Property Appraiser’s website: Homestead Exemption
What Is the Homestead Exemption?
The Homestead Exemption is a property tax benefit available to Florida residents who own and occupy their home as their primary residence. This exemption reduces the taxable value of your home, which lowers your annual property tax bill.
Here’s how it works:
- Initial $25,000 Exemption: The first $25,000 of your home’s assessed value is exempt from property taxes, including school district levies.
- Additional $25,000 Exemption: If your home’s assessed value exceeds $50,000, you qualify for an additional exemption up to $25,000. This applies to all taxes except school district levies. For example, if your assessed value is $75,000 or more, you’ll receive the full additional $25,000 exemption. If it’s less, the exemption is prorated accordingly.
Eligibility Requirements
To qualify for the Homestead Exemption, you must:
- Have legal or beneficial title to the property.
- Reside on the property as your permanent residence by January 1 of the year for which you are applying.
- Apply by March 1 of the same year.
Example of Tax Savings
Let’s say your home has an assessed value of $100,000. With the Homestead Exemption, here’s how your taxable value would be calculated:
- Initial $25,000 Exemption: Reduces your taxable value to $75,000.
- Additional $25,000 Exemption: Reduces your taxable value further to $50,000 (excluding school levies).
This means you’re only taxed on $50,000 of your home’s value, saving you hundreds of dollars each year!
How to Apply
Homeowners in Volusia County can apply for the Homestead Exemption through the Volusia County Property Appraiser’s Office. If you purchase your home after January 1, you can pre-file your application for the following year. Applications must be submitted by March 1 to qualify for that tax year.
Don’t Miss Out on This Valuable Benefit!
The Homestead Exemption is a powerful way to reduce your property taxes and keep more money in your pocket. Be sure to apply before the deadline to start saving!
For more information and to apply, visit the Volusia County Property Appraiser’s website: Homestead Exemption
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