12 Feb Real Talk: Filing Your 2016 Homestead Exemption in Jacksonville
Did you buy a home in Jacksonville last year? If so, it’s time to file your 2016 homestead exemption and reap the tax benefits of your purchase.
Filing your exemption in Duval County is very easy, and can all be done online at coj.net.
There are a number of exemptions that you can take advantage of when it comes to your new property (all listed in Florida Statute 196), but by far the most well-known in Florida is the Homestead Exemption. All legal Florida residents are eligible for this deduction of up to $50,000 off the assessed value of the property, however the property must be owner-occupied and the owner’s primary residence. Property owners can only have one property homesteaded at any given time.
Not only does applying for the homestead exemption lower the value that you have to pay taxes on, it also limits any future annual increases in the assessed value of the home to 3 percent or less as part of the “Save Our Homes” benefit. (However, note that any changes in ownership of the property can cause the exemption and benefit to be removed or altered. When a home is sold the assessed value increases to the current market value for the next tax roll – so when looking at tax records on homes you are considering buying, take the amount that the current owners are paying with a grain of salt.)
The deadline to file in Duval County is March 1, so don’t miss out! For more information about the homestead exemption, other tax exemptions you can possibly take advantage of, as well as the link to fill out your application online, visit the property appraiser’s website on coj.net.
Once you’ve applied for and been granted homestead exemption on a property, the Property Appraiser will automatically renew this exemption for you each year as long as there have been no changes to the property or changes in the ownership or use, and the property is still your primary residence. In January, a renewal card will come in the mail confirming all of this; just keep that card as your receipt.