Another, and perhaps greater, benefit of the Homestead Exemption is the Save Our Homes Act. The SOH kicks in the second year after qualifying for the Homestead Exemption, and caps your annual increase in real estate valuation at 3%. We have several neighbors, who do not have the Homestead, who saw their property valuation spike over 20% this year, while ours was thankfully capped at 3%.
A visit to the county office will answer your questions. If you qualify, get your Homestead Exemption form filed at the earliest possible date.
|