No. All persons who are qualified to receive the regular Homestead Exemption will automatically receive the new additional Homestead Exemption as long as their home is assessed on the tax rolls for more than $50,000. The new exemption is applied on home valuations between $50,000 and $75,000. So, in order to receive the full benefit, your home needs to be assessed for $75,000 or higher.
"Non-Homesteaded Property" is all properties other than those receiving a homestead exemption; such as 2nd homes, vacation homes, vacant land, commercial and rental properties. However the limitation does not apply to classified lands such as greenbelt, high water recharge and noncommercial recreational.
The 10% cap will only ensure your assessed value does not increase more than 10% from your previous year's certified assessed value providing the ownership has not changed, there was not a split or combination of the lot in the previous year, or new construction has not occurred. We cannot say if this will actually reduce your taxes due to other factors such as millage rates and non ad-valorem assessments which are not determined by the Property Appraiser.
In order to qualify for portability benefits this year, you must have homesteaded a prior Florida residence in any of the previous two years. You need to have sold or abandoned the prior residence in either of the two previous years and moved to a new homestead residence in the current year.
April 1st is the deadline, however you can request a 30 or 45 day extension. The request must be made in writing. You may mail, FAX or e-mail the request to our office, however it must be received before the April 1st deadline.
If the TPP Exemption reduces your taxable value to 0, then you do not have to file a DR-405. Instead, in January, our office will send you a notice that you are exempt from filing. Unless you have received this exemption notice, we strongly suggest you file the DR-405 or contact our office to verify your status.
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