Florida Homestead Exemption
Own it, live in it on January 1st, and Monroe County can take up to $50,000 off your taxable value.
$25,000
Initial exemption — applies to all property taxes
$25,000
Additional exemption — assessed value $50k–$75k, non-school taxes only
3% cap
Maximum annual increase in assessed value (“Save Our Homes”)
Every person who owns and resides on real property in Florida on January 1, and makes that property their permanent residence, is eligible for a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption of up to $25,000 applies to the assessed value between $50,000 and $75,000, and only to non-school taxes.
The application for homestead exemption (Form DR-501) and other property tax forms are available through the county property appraiser’s office. If filing for the first time, be ready to answer a few questions about the property and your residency there — and if only one spouse holds the title, the other spouse may file with the titleholder’s consent.
How the Additional Exemption Works
Assessed Value
$44,885
Below $50,000 — additional exemption doesn't apply.
Assessed Value
$67,455
Additional exemption covers the amount between $50,000–$75,000.
Assessed Value
$204,429
Full additional exemption — value exceeds $75,000.
First-Time Filing? Be Ready to Answer
- Whose name or names were recorded on the title on January 1?
- What is the street address of the property?
- Were you living in the dwelling on January 1?
- Do you claim homestead in another county or state?
Proof of Residency May Include
- Previous residency outside Florida, and date it ended
- Florida driver license or ID card number
- Evidence of giving up a driver license from another state
- Florida vehicle tag number
- Florida voter registration number (if a US citizen)
- Declaration of domicile, with residency date
- Current employer
- Address listed on your last IRS return
- School location of dependent children
- Bank statement and checking account mailing address
- Proof of payment of utilities at the homestead address
Common Questions
See Section 196.031, Florida Statutes. For local information, contact your county property appraiser.
Where to File
500 Whitehead St.Rear of Building
Key West, FL 33040
Ask for Maggie Diaz — she’s very nice and helpful!
Questions Before You Close?
Scott Forman can point you toward the right forms and timing as part of your purchase.