Homestead… Do you know the benefits, how to apply, and the different types of exemptions?
I, even as a real estate professional, neglected to homestead my primary residence the first year we purchased it. Big deal? YES! By not having my home homesteaded before MARCH 1st, I was subjected to the highest tax increase possible. One of the main benefits of having your homestead exemption is your taxes can only go up a maximum of 3% in a given year, not the 10% I faced. If you purchased a home in 2017 be sure to follow the steps below to keep more money in your pocket this tax season!
There are several different types of homestead exemptions in Indian River County. The standard exemption for anyone living in their primary residence is $25,000, plus a second $25,000 exemption is available to anyone on a parcel assessed between $50,000 to $75,000. An ex-service member with a minimum 10 percent disability can receive an additional $5000 exemption, as can a surviving spouse who has not remarried. There is also a disabled exemption, a widower exemption, blind exemption and even a senior citizen exemption.
Apply before the deadline. Indian River County requires that those seeking homestead exemption apply by March 1. You must be able to prove you were living in your home prior to January 1 of that year to qualify.
Gather your documents. Bring proof of Florida residency, the date you occupied your property, voter registration card, vehicle registration, and drivers license number. Those seeking other types of exemption should contact the Indian River County Property Appraiser’s office to find out what other information you will need to apply.
Apply for homestead, the Indian River County Property Appraiser's office is open from 8am to 5 pm Monday – Friday. Their address is located at 1800 27th Street in Vero Beach. You can reach them via phone at 772.567.8000 extension 1469.