Florida Dept. of Revenue Property Tax - Taxpayers (2024)

FAQs

At what age do seniors stop paying property taxes in Florida? ›

Senior Exemption Information

The property must qualify for a homestead exemption. At least one homeowner must be 65 years old as of January 1.

Related video: Florida lawmaker promises new bill would drop insurance rates like a rock. TAMPA, Fla. (WFLA) — Florida lawmakers could eliminate all property tax and replace lost revenue through a consumption tax, according to the Florida Senate.

RELIGIOUS, CHARITABLE AND EDUCATIONAL EXEMPTIONS

Real estate owned by certain religious, charitable or educational entities that are used for religious, charitable or educational purposes is exempt from property taxation. An exemption must be applied for through the Property Appraiser's office.

Paying someone else's property taxes in Florida can have certain consequences. Here are the potential outcomes: Tax Lien: When someone pays your property taxes, it doesn't automatically give them ownership of the property. However, it can lead to a tax lien [1].

Senior Citizen Exemption – Property tax benefits are available to persons 65 or older in Florida. Seniors may qualify for an extra exemption for an additional $50,000 of home value.

Property Tax Exemptions and Additional Benefits

Further benefits are available to property owners with disabilities, senior citizens, veterans and active duty military service members, disabled first responders, and properties with specialized uses.

Not only does the homestead exemption lower the value on which you pay taxes, it also triggers the 'Save Our Homes' benefit which limits future annual increases in assessed value to 3% or less.

While the Florida homestead exemption offers broad protections, it does not provide an absolute shield against all types of creditors. Federal tax liens, such as those levied by the IRS for unpaid taxes, are a notable exception.

By law, a homestead exemption is not transferable. If you move, your homestead exemption does not automatically follow you to your new residence. You must file a new application for your new residence.

Appealing your Home's Taxable Value

Any homeowner can ask for their home to be reassessed to determine its taxable value. If the appeals board reduces the value of the home, the tax burden will be lowered, because the property tax is computed by multiplying the home's taxable value by the current tax rate.

What is the $50,000 homestead exemption in Florida? ›

Up to $25,000 in value is exempted for the first $50,000 in assessed value of your home. The above exemption applies to all property taxes, including those related to your school district. You pay full taxes on any value between $25,000 and $50,000.

$5000 Widow/Widowers Exemption

The widow/widowers exemption reduces the assessed value of your property by $5,000. This provides a tax savings of approximately $100 annually. Any widow/widower who owns property and is a permanent Florida resident may file for this exemption.

If you are eligible, portability allows most Florida homestead owners to transfer their SOH benefit from their old homestead to a new homestead, lowering the tax assessment and, consequently, the taxes for the new homestead.

You cannot transfer your homestead exemption when you move from a previous Florida homestead to a new Florida homestead. However, you may be able to transfer all or part of your homestead assessment difference.

Tax Deed states auction off the real estate when property owners become delinquent. A Tax Lien state sells tax certificates to investors when homeowners become delinquent. Once the homeowner pays the taxes the investor is paid off their investment plus interest. Florida is a Tax Deed and a Tax Lien state.

For retirees 65 and older, here's when you can stop filing taxes: Single retirees who earn less than $14,250. Married retirees filing jointly, who earn less than $26,450 if one spouse is 65 or older or who earn less than $27,800 if both spouses are age 65 or older. Married retirees filing separately who earn less than ...

How much is the additional standard deduction? For tax year 2023, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,850 for single or head of household.

The age at which one is considered a senior citizen in Florida is generally between 60-65 years of age, it however varies depending on the context. For example, the Florida Department of Elder Affairs defines a senior citizen as someone who is 60 years of age or older.

Whether you're 65 or 95, seniors must pay capital gains tax where it's due. This can be on the sale of real estate or other investments that have increased in value over their original purchase price, which is known as the “tax basis.”