Sarasota, Florida has long been many people’s seasonal vacation area. During the winter months, “snowbirds” flock to our sandy shores and temperate weather. In addition to the many perks of visiting, if you plan on residing in your new Sarasota vacation property for longer than six months each year, or if you just bought a permanent residence, you will want to take advantage of the Homestead Exemption.

What Is Homestead Exemption?

The Homestead Exemption in the state of Florida can provide a significant reduction in property taxes. A $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes. An additional exemption of up to $25,000 will be applied if your property’s assessed value is between at least $50,000 and $75,000, which does not apply to school district taxes.

What You Need

• Reside in the state for more than half of the year with your Florida residence as your primary address. (Here’s how the state defines permanent residence.)
• Florida-issued Driver’s License
• Ownership of the property as of 12/31 of the previous year

How To Apply 

Application for homestead exemption is March 1 of the tax year. You can apply for the exemption at any point during the year but after March 1, you will be applying for the exemption on the following year, not the current.

My suggestion is as soon as you buy a property that you will be using as your permanent residence, apply for the tax exemption right away. In Sarasota County, you can change your voter registration, update your driver’s license with your new address, and file for the Homestead Exemption all in at the County Building downtown at 2001 Adams Lane.

You’ll need to bring a variety of documents with you, depending on your marital status, your age, and if you are a first-time buyer or a veteran/active duty military. To make sure you don’t miss anything, review the list from the County prior to going in.

Why You Should Consider It

There is an obvious advantage to the homestead exemption if you live here year-round, however if you are one of the many “snowbirds” that fly in each October and fly out every April, you may also want to consider changing the state of your permanent residence. As long as you live in Sarasota for 6 months and one day each year you are eligible. It is likely that the state taxes where you currently reside are higher so why not take advantage of being a Floridan if you can.

Keep in mind this means you will have to vote in the state of Florida and hold a Florida driver’s license, as that might hold implications in your home state.

If you are interested in making Sarasota your permanent residence, give me a call today at (978) 257-5176 and let me help you find your perfect new home.