In Florida, homeowners aged 65 and older may be eligible for additional property tax exemptions beyond the standard homestead exemption. These senior-specific exemptions aim to reduce the property tax burden for elderly residents, particularly those with limited incomes.
1. Additional Homestead Exemption for Low-Income Seniors:
- Eligibility Criteria:
- Age: At least 65 years old as of January 1 of the tax year.
- Income: Household adjusted gross income must not exceed the annually adjusted limit. For 2024, this limit is $36,614.
- Residency: Must own and reside in the property as the primary residence.
- Existing Exemption: Must already qualify for the standard homestead exemption.
- Exemption Amount:
- Up to an additional $50,000 reduction in the assessed value of the homestead property. This exemption applies only to taxes levied by the county or municipality that has adopted the ordinance; it does not apply to school district taxes. Florida Department of Revenue
2. Long-Term Resident Senior Exemption:
- Eligibility Criteria:
- Age: At least 65 years old as of January 1 of the tax year.
- Income: Household adjusted gross income must not exceed the annually adjusted limit.
- Residency Duration: Must have maintained permanent residence on the property for at least 25 years.
- Property Value: The just (market) value of the property must be less than $250,000.
- Exemption Amount:
- An additional exemption equal to the assessed value of the property, effectively resulting in no property taxes for qualifying seniors. This exemption applies only to taxes levied by the county or municipality that has adopted the ordinance; it does not apply to school district taxes.
Application Process:
- Forms Required:
- Complete Form DR-501, “Original Application for Homestead and Related Tax Exemptions.”
- Submit Form DR-501SC, “Statement of Adjusted Gross Income of Household,” to verify income eligibility.
- Deadline:
- Applications must be filed with the county property appraiser’s office by March 1 of the tax year for which the exemption is sought.
- Documentation:
- Provide proof of age, income, and residency as required by the property appraiser’s office.
Important Considerations:
- Local Ordinances: Not all counties or municipalities in Florida have adopted these additional exemptions. It’s essential to verify with your local property appraiser’s office whether these exemptions are available in your area.
- Income Limits: The income threshold is adjusted annually based on the cost-of-living index. Ensure you meet the current year’s income requirements when applying.
- Renewal: Once granted, some exemptions may automatically renew each year, while others may require annual reapplication or income verification. Confirm the renewal process with your local property appraiser.
By meeting the eligibility criteria and completing the necessary application process, senior homeowners in Florida can benefit from significant reductions in their property tax obligations.
Disclaimer: The information provided is for general informational purposes and should not be considered legal or tax advice. Tax laws are complex and subject to change. For advice specific to your situation, consult a qualified tax professional or refer to official IRS resources.