Florida has great homestead benefits, including state protection from creditors and tax benefits.
Primary Florida homestead benefits:
Creditor Protection – Protection from creditors, judgments, and lawsuits with limited exceptions.
Tax – Up to $50,000 reduction on your property’s assessed value for tax purposes and annual increases on the assessed value of your homestead cannot increase by more than 3% (this benefit is called the “Save Our Homes Cap”).
Additional Florida homestead benefits:
Below are some additional homestead benefits that may have different qualifications depending on the county where your property is located. You should contact your county property appraiser for complete details on homestead benefits and to obtain the appropriate applications.
Construction for an older family member – Construction can reduce the value of your total property if the purpose of the construction is for an older family member (e.g., adding a mother-in-law suite to your home).
Longtime limited-income senior exemption – Available only to people who are 65 or older, have lived in Florida for at least 25 years, and have income below a certain threshold. If you meet these criteria and your home is worth less than $250,000, you may qualify for a 100 percent exemption.
Deployed service member – If you are a deployed member of the U.S. military, then you may qualify for this exemption.
Disabled veteran – If you are 65 or older, you served in the U.S. military, and you were injured during combat, then you may qualify for this exemption. This exemption can carry over to your spouse when you pass away.
Survival of a spouse killed in military service – If your spouse was killed in military service, then you may qualify for this exemption. See Florida’s Fallen Heroes Act, Florida Statutes § 196.081.
Surviving spouse of a first responder – If your spouse was a first responder and was killed in the line of duty, then you may qualify for this exemption. See Florida Statutes § 196.081.
Disabled – Disabilities (including blindness, permanent disability, use of a wheelchair, and others) may qualify you for a Florida property tax exemption if your income is below a certain threshold.