What Exemptions can I apply for on my Property Taxes?

Property Tax Exemptions

As discussed last week, property taxes are not a fixed amount and vary from home to home even if both properties are exactly the same. If you are a Legal Resident or Citizen of the United States, there are ways you can bring down your property taxes through “Exemptions” you may be entitled to. Be aware there are criteria to meet for any of them and a specific time when to apply in order to considered for these discounts.

Homestead Exemption

State law allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence.

·         The first $25,000 of this exemption applies to all taxing authorities.

·         The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000.

 

Senior Citizen Exemption

The Senior Exemption is an additional property tax benefit available to homeowners 65 and older, who meet certain income limitation requirements.

To qualify for this exemption homeowners must meet the following criteria:

1. The property must qualify for a homestead exemption
2. At least one homeowner must be 65 as of January 1
3. Total ‘Household Adjusted Gross Income’ for everyone who lives on the Property cannot exceed statutory limits.

Deployed Military Exemption

Are you a service member of:

·         Any branch of the United States military or military reserves

·         Coast Guard or its reserves

·         The Florida National Guard

Were you deployed last year in any of the following operations?

·         Operation Noble Eagle

·         Operation Odyssey Dawn

·         Operation Iraqi Freedom

·         Operation New Dawn (Iraq)

·         Operation Enduring Freedom (Afghanistan)

If you meet the above criteria, you may qualify for an additional tax exemption on your Florida homesteaded property.

Disability Exemption

There are several exemptions available for persons with disabilities based on meeting certain qualifications

Civilians: Certain disabilities such as Blind Persons, Persons Totally and Permanently Disabled, Certified as being Quadriplegic, Certified as Being paraplegic, hemiplegic, legally blind or using a wheelchair for mobility, and/or other total and permanent disability not requiring the use of a wheelchair for mobility.

Veterans: With a 10% service-connected disability, service-connected total and permanent disability, or age 65 and older with a combat-related disability.

Institutional Exemptions

Florida law, Chapter 196, provides property tax exemption(s) to eligible not-for-profit organizations that own and operate real estate and or tangible business property as of January 1, for the following purposes:

·         Religious

·         Charitable

·         Literary

·         Scientific

·         Hospitals

·         Nursing Homes or Homes for the Aged

Educational exemptions are also available to properly accredited institutions in the following categories:

·         Educational - Requires accreditation by Southern Association of Schools and Colleges (SACS) OR Florida Council of Independent Schools (FCIS)

·         Child Care Facilities - Requires a Gold Seal Certificate

·         Charter Schools - Requires a charter approved by the Miami-Dade County School Board

 

Widow and Widower Tax Exemption

The Widow / Widower’s Exemption provides a $500 reduction in the assessment of a homestead property occupied by the surviving spouse.

A widow or widower exemption is not applicable to:

·         spouses who re-marry

·         spouses who divorce before death

 

Tangible Personal Property Exemptions

This is an assessment for the equipment, furniture and fixtures used by all business and rental properties. Rental properties may include stoves, refrigerators, etc.

The Tangible Personal Property Return shall be considered an application for the exemption and will be applied to the first $25,000 in value for the tangible personal property.

All property is assessed as of Jan. 1 of the assessment year therefore all sales of assets and closures of businesses after Jan. 1 are still required to pay the property taxes for the year. Taxes are not prorated. A final tangible tax return must be filed for the following year denoting the disposition of the assets and as of what date that change occurred.

Many of this exemptions can be applied for online, you may also do it by mail or in person. Visit http://www.miamidade.gov/pa/exemptions.asp for additional information, income limit requirements, documentation, and application forms. All property Tax Exemption Applications are due before March 1^st. You must have owned the property and reside in it as of January 1^st.

Next week I will talk about when your Property Taxes are due, and how to pay for them.