The homestead exemption in Florida is a provision that provides property tax relief and protection from forced sale for residents. Here are the key points:
1. **Property Tax Exemption**: Florida residents can receive an exemption of up to $50,000 on the assessed value of their primary residence. The first $25,000 of value is exempt from all property taxes, including school district taxes. The additional $25,000 exemption applies to the assessed value between $50,000 and $75,000, excluding school district taxes.
2. **Protection from Forced Sale**: The homestead protection shields a homeowner’s primary residence from being sold to satisfy debts, with some exceptions such as foreclosure for nonpayment of mortgages, property taxes, or construction liens.
3. **Automatic Renewal**: Once the homestead exemption is granted, it automatically renews each year as long as the property remains the homeowner’s primary residence.
4. **Portability**: Homeowners who move can transfer up to $500,000 of their homestead exemption benefit to a new homestead within the state, under certain conditions.
5. **Requirements**: To qualify, the homeowner must own and occupy the property as their primary residence as of January 1 of the tax year and file an application by March 1 of that year.
This homestead exemption aims to make homeownership more affordable and protect homeowners from losing their homes due to financial hardship.