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September 19, 2008, Newsletter Issue #176: More About the Homestead Exemption
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Tip of the Week
The homestead exemption can be a bit tricky for the uninitiated Miami home buyer and can offer a nasty surprise when your tax bill arrives. This is a tax exemption that any homeowner in Miami can receive and it discounts the assessed value of your home by $25,000.00.
If you have just purchased your home and your seller had "HEX" then you can inherit it for that calendar year. The following year, you will need to reapply for the homestead exemption and the $25,000.00 will come off the newly assessed value of your home. This means that your taxes may be much higher because the assessed value of your home has risen.
You are protected from future inflation of your home's assessed value, as long as you own it, by the Save Our Homes Amendment, which is related to the Homestead Exemption.
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