Property Tax Exemption for 65+ in Florida

After hitting the ripe and fantastic age of 65, most Florida residents get an extra bonus tax exemption.

If you are a Home-owning Florida Resident, you are definitely familiar with the Florida Homestead Exemption that saves you some money on your property taxes every year. It is probably one of the most well known laws in Florida.

If you are a new retiree or someone considering retirement, Florida property taxes are a consideration that burdens for many retirees. I know that none of us enjoy writing those check, me included!

In Florida, there is a special provision in place to help alleviate this financial strain for individuals aged 65 and older – the property tax exemption.

Property Tax Exemption for 65+ in Florida

The property tax exemption for those aged 65 and older in Florida is designed to provide relief by reducing your tax burden. This exemption recognizes the unique financial challenges faced by older individuals, who may be living on fixed incomes or have limited resources.

By offering this exemption, Florida aims to support its aging population and ensure that they can continue to reside in their homes without being overwhelmed by property tax obligations. This initiative not only helps 65+ Florida residents maintain their independence but also contributes to the overall well-being of communities by fostering stability and continuity.

Are you Eligible for the 65+ Tax Exemption?

In order to qualify for this addition tax exemption, you must meet the following requirements:

• Own real estate in Florida that is you permanent residence.
• Must be 65 or Older
• Household income does not exceed the income limitiation

Income Limitation for Tax Exemption

In Palm Beach County, the income limitation i $21,599 is adjusted annually on January 1, by the percentage change in the average cost-of-living index in the period January 1 through December 31 of the immediate prior year compared with the same period for the year prior to that. The index is the average of the monthly consumer-price-index figures for the stated twelve-month period, relative to the United States as a whole, issued by the United States Department of Labor.

Annual Sworn Income Statement

In order to qualify for this additional exemption, an annual sworn income statement is required. A taxpayer claiming the additional homestead exemption granted by this section must annually submit to the property appraiser, not later than March 1, a sworn statement of household income on the form prescribed by the state department of revenue.

It’s important for eligible individuals to familiarize themselves with the requirements and application process for this exemption. By taking advantage of this opportunity, seniors can potentially save a significant amount of money each year, allowing them to allocate those funds towards other essential expenses or personal enjoyment.

In conclusion, the property tax exemption for those aged 65 and older in Florida is a valuable resource that provides much-needed relief from property tax burdens.

If you need help with this process, I am happy to help you with it!