The Secret to Saving Big on Property Taxes? Homestead Exemption

Did you know that many homeowners in Hernando County, Florida, are missing out on significant savings? The key lies in understanding and filing for homestead exemption. 

Below, we've included everything you need to know about filing for homestead exemption in Hernando, Pasco, and Citrus County in 2024. Learn about who is eligible, how to apply, and maximize your property tax benefits!

1. What is Homestead Exemption?

Exemptions reduce the assessed value of your property, thereby reducing the amount of property tax you pay.
 Homestead exemption is a Constitutional benefit that can lead to savings of up to $50,000 and is a financial game-changer for homeowners.

The exemption amount is incremental, depending on the Assessed Value of the property.

• If your Homestead property has an Assessed Value of up to $50,000, you will keep the current exemption of $25,000.
• If your Homestead property has an Assessed Value of $50,001 through $74,999, the additional homestead exemption will increase up to $24,999.
• If your Homestead property has an Assessed Value of $75,000 or more, you will receive the full additional $25,000 Homestead Exemption.

2. Who Qualifies for Homestead Exemption?

3. Avoiding Pitfalls: How to Keep Your Exemption 

While the homestead exemption opens doors to savings, there are 5 common things that can cause homeowners to lose their homestead exemption:

• Renting Your Property:  If you rent your property either yearly or seasonally, it may affect your homestead exemption. However, there's an exception mentioned in (F.S. 196.061) stating that abandonment of the homestead after January 1 of any year does not affect the homestead exemption for tax purposes for that particular year, unless the property is rented for more than 30 days per calendar year for 2 consecutive years.
• Out of State Residency: If you maintain or obtain an out-of-state residency-based tax exemption, reduction, benefit, credit, etc., it may impact your homestead exemption. This applies even if only one spouse applies for homestead in the current location, and the other applies or is receiving an out-of-state tax credit. If you and your spouse fall into this category, you must cancel your out-of-state tax benefit effective January 1 of the year you apply for homestead exemption.  
• Driver License in Another State: Maintaining or obtaining a driver's license in any other state is considered residency-based.
• Vehicle Registration: If none of your vehicles are registered in Florida, it is mentioned as one of the factors that may lead to losing the homestead exemption. 
• Voter Registration: As a resident of Hernando County, Florida, it's specified that this county must be the only place you are registered to vote. If you choose to file a Declaration of Domicile instead of registering to vote, you still may not register to vote elsewhere.  

Hernando County 2024 Filing Info

Pasco County 2024 Filing Info

Citrus County 2024 Filing Info