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This amendment to The Florida Constitution amended Florida law to add an annual positive inflation adjustment based on the Consumer Price Index (CPI) to the second $25,000 homestead exemption for properties which assessed value are between $50,000 and $75,000.
This assessment limitation is commonly referred to as the Save Our Homes or SOH cap. Who qualifies for the Save Our Homes cap? If you own and occupy your home as your permanent residence and receive the $25,000 Homestead Exemption, you will automatically qualify for the cap.
Senior Exemption Information The property must qualify for a homestead exemption. At least one homeowner must be 65 years old as of January 1. Total Household Adjusted Gross Income for everyone who lives on the property cannot exceed statutory limits.
When someone owns property and makes it his or her permanent residence or the permanent residence of his or her dependent, the property owner may be eligible to receive a homestead exemption that would decrease the propertys taxable value by as much as $50,000.
HOMESTEAD EXEMPTION ELIGIBILITY REQUIREMENTS You must own AND occupy the home as your PERMANENT residence prior to January 1st of the year for which you are applying 2. You must be a US Citizen or permanent US Resident and a Florida resident as of January 1st 3.
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This exemption is adjusted anually for inflation. The Additional Homestead Exemption is automatically applied to any property that receives the original $25,000 Homestead Exemption. To receive the full $25,722 benefit of the Additional Homestead Exemption, the propertys assessed value must be at least $75,000.
For example, if you vote, you must vote in Florida. If you drive, you must have a Florida drivers license. Your home address on your federal income tax return should be Florida. There is no specific amount of time you must spend in Florida.

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