Spring is coming.
This means that Americans across the country are preparing for tax season. It’s a time when the family kitchen table becomes buried by papers and the household air becomes tinged with stress.
But if one nice thing can come out of this dreadful time it’s that Florida resident homeowners can get a break from their taxes.
The deadline for the Sarasota County Homestead Exemption is coming up, so make sure you get all your paperwork in before March 1st. You don’t want to miss out on your chance to save some money this tax season!
- What is a Homestead Tax Exemption?
- Who Can Apply for the Tax Exemption?
- Why Apply for the Homestead Tax Exemption?
- How to Apply for the Sarasota County Homestead Tax Exemption?
A homestead tax exemption is a state specific tax break for resident homeowners.
If you apply, you can reduce the taxable value of your primary property by up to $50,000.
In addition to this general exemption, Florida residents can apply for additional tax breaks if they have been widowed or disabled. Depending on your personal situation, you can receive an additional exemption of $500 off the taxable value of your home.
This personal exemption is meant to provide shelter and financial protection for those enduring difficult times.
Any Florida resident who owns and occupies their property can apply for this homestead tax exemption.
You can only be exempt from tax on your primary residence, which means this does not apply for secondary homes or vacation properties.
In order to apply for the homestead tax exemption, the home must be your permanent residence on January 1st of the year you apply.
You can also claim this tax back if you have beneficial interest in your property that is under a 98 year lease or life estate.
Additional tax exemptions apply to people who identify as:
- Disabled senior over the age of 65
- Disabled Veteran
Those who fall under the categories of widow/widower and disabled are eligible to receive $500 off the taxable value of their home.
Veterans who are less than 100% disabled are eligible to receive $5000 off, while veterans who are 100% disabled receive full tax exemption.
The answer to this is simple—you get to save money!
This is an opportunity to save some cash on your home taxes for the year so why not apply?
The application process is quite simple:
If you meet the qualifications for the homestead exemption, you have until March 1st of the year for which you are claiming the tax break.
The first thing you want to do is fill out this form from the Sarasota County Property Appraiser. You need to provide official paperwork that proves:
- Florida residency
- Social security number
- Permanent visa card (for resident aliens)
If you’re applying for additional personal tax exemptions, you will need to provide further information and paperwork. You can find these details on this official taxation overview page.
You can visit the Sarasota County Property Appraiser office here in Venice. The address is:
South County Administration Building
4000 S. Tamiami Trail
Venice, FL 34293
Fax (941) 861-8260
TDD Number (941) 861-8235
Make this year’s tax season a good one by getting a headstart on this state tax break!
For more information regarding the Sarasota County Homestead Exemption, consult the official taxation page. You can also contact Gulf Shores Realty as a reference for everything real estate, so don’t hesitate to call our expert agents!