Estimating Your First Year Taxes in Broward County, Florida

If you purchase your home this year, you will inherit the seller's exemption status for the current tax year. Please review your closing statement, as the seller likely gave you a deduction for the seller's pro rata share of the current year taxes. Because of that, you will be responsible for payment of the entire tax when it arrives in November. Next year, your home will be reassessed based upon your purchase price (and the sale prices this year of other qualified market sales in your neighborhood). Finally, if you qualify for homestead exemption, remember that you will need to file for a homestead exemption on the property for next year as the seller's exemptions will automatically be removed at the end of this year.

To estimate your taxes for next year please go to:   The Home-Buyer's Tax Estimator

You are entitled to a $50,000 Homestead Exemption if as of January 1 of the year for which you are applying, you are:

•  A permanent resident of Florida;
• who owns real property ("legal title" or "beneficial title in equity" - i.e., the property is held in a trust);

• and the instrument by which you hold title is recorded in the official records of Broward County;
• the property is your permanent residence, or the permanent residence of another or others legally or naturally dependent upon you.

What does all that mean? This is what you need to know:

To be eligible for an exemption in the current year, you must have owned and the property must be your permanent residence, as of January 1 of this year. You would also be eligible if you hold a life estate interest in the property or if the property is owned by a Trust and pursuant to the terms of the Trust you are a beneficiary with the right to make the property your permanent residence. You must be a US Citizen, a Permanent Resident Alien, or hold "PRUCOL" asylum/refugee parole status in the US. You MUST either be a registered Broward voter or file a notarized Declaration of Domicile form with the Broward County Recording Office. You MUST have either a Florida Driver’s License or Florida ID Card (for non-drivers only). You CANNOT keep a valid driver's license from another state. For non-US Citizens, you must show a copy of your Permanent Resident Card or documentation of your "PRUCOL" asylum/refugee parole status in the U.S. Homesteads do not transfer. If you had Homestead on a previous property, you must file for a new Homestead Exemption if you purchase and establish a new permanent residence. It is unlawful to claim an exemption this year in Broward, if you or your married spouse is also claiming a Homestead or other permanent residency-based tax exemption or credit this year in any other county, state or country.

If you have any other questions, please visit: https://bcpa.net/FAQ.asp#39