The state of Florida has a great program to save money on your real estate taxes. If you have recently purchased a home and reside in the property by January 1st, you are most likely eligible for Homestead Exemption.

What is homestead exemption? It is simply designed to reduce your annual real estate tax bill on your primary residence and also cap the rate that your real estate taxes can increase annually.

Some important facts:

Exemptions can be up to $50,000 off of the assessed home’s value
Owner of title must be a permanent resident of Florida
Reside in the property by January 1st
Filing deadline is MARCH 1st
Tax saving is portable to a new home purchase

The easiest way to file is online at the Orange County Property Appraiser’s website: http://www.ocpafl.org

If you follow these instructions, you are sure to save money on your tax bill for years to come. The PDF document below provides more detailed information on homestead exemption in the state of Florida, contact information for property appraiser, and more detailed information on exactly how to file.