The Hillsborough County Property Appraiser has issued this reminder: Homeowners have until March 1 to apply for a homestead exemption.
When a home is purchased, state law requires the home’s value to reset to the current market value.
If a homestead exemption application is approved, Hillsborough County homeowners are protected with a 3% cap, thanks to the “Save Our Homes” Amendment, according to a news release from the property appraiser’s office.
This amendment places a limitation of 3%, or the percentage change of the Consumer Price Index (whichever is less), on any annual assessment increase on homesteaded properties in Florida.
Florida residents who are approved for a homestead exemption benefit from an annual 3% cap on the homesteaded property’s assessed value.
“In order to protect against any future market-influenced increases, a new homeowner should file for a homestead exemption,” Hillsborough County Property Appraiser Bob Henriquez said, in the release. “With so many people relocating to Hillsborough County in the past year, and many people choosing to buy a home here, we want to make sure our residents are aware of the homestead exemption and the tax savings available to them.”
To file for a homestead exemption in Hillsborough County, you will need to show proof of permanent residency with a Florida Driver License or identification card, vehicle registration, voter registration, or Permanent Resident Alien Card.
The homeowner must establish Hillsborough County as their legal domicile, reside on the subject property as of Jan. 1 and be a U.S. citizen or Permanent Resident.
If a trust holds the property, the trust’s beneficiary with the right to occupy the home also may be entitled a homestead exemption, the release said.
Apply online for a homestead and other exemptions by visiting the Hillsborough property appraiser’s website. You also can file for a homestead exemption in person at one of four Hillsborough property appraiser office locations.
Pasco County homeowners also are eligible for a homestead exemption on their primary residence, For information regarding filing for exemptions in Pasco County, visit PascoPa.com/exemptions/exemptions/homestead/.
Published February 15, 2023
