Weve seen a rise in homeowners insurance and property taxes over the last few years with home values rising. Theres a way to save on your property taxes, not enough people are taking advantage of Leon County. On March 1st applications to apply for a homestead exemption are due in Leon County. Watch the video to see how a homestead exemption can reduce your assessed value of property taxes.

BROADCAST TRANSCRIPT:

Homeowners in our neighborhood tell me the costs of homeownership continue to rise and are becoming unaffordable.

Weve seen a rise in homeowners insurance and property taxes over the last few years with home values rising.

But theres a way to save on your property taxes, and I learned not enough people are taking advantage of Leon County.

Getting some relief from your property tax bill can offset the skyrocketing home insurance prices going up in Florida.

 I sat down at Cascades Park to talk to our neighbors about how high their homeowners insurance has gone up.

Its roughly gone up over the past 8 years about 40%,” Billy Nolas a Leon County Homeowner said.

An important deadline is coming up that could save you thousands of dollars on your property taxesHomestead Exemption.

I do use a homestead exemption it is a break for folks who are older like myself,” Nolan said.

Leon Countys Property Appraiser says its not just for older neighbors.

 “Some 9%, some even 15% people who actually should be getting but they’re not getting it,” Akin Akinyemi, the Leon County Property Appraiser said. “And it’s our job to go and educate them and understand and help them to apply for it.”

A homestead exemption can reduce your assessed value of property taxes by $50,000.

So, a home that is worth $300,000 would be taxed as though it is worth only $250,000 thus saving thousands a year.

“The first $25,000 is exempted from all taxes, the second $25,000 taxes simply from taxes except for the school board,” Akinyemi said.

On March 1

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applications to apply for a homestead exemption are due in Leon County.

More than 58,000 people in Leon County had a homestead exemption in 2023. That meant a total of $21.4 million saved. That’s up from the previous year.

But 2023 saw fewer applications processed for the exemption than 2022.

“People think you don’t have to apply,” Akinyemi said. “If I buy a home, the first person has a homestead. I should just have it. No, I’m sorry. Because circumstances vary. So every person that buy or changes titles to a home must either apply to get it or give it up, they don’t qualify for it anymore.”

Another cost-saving benefit of finding out you qualify for homestead and maintaining the exemption is your propertys assessed value gets capped.

Meaning it cannot increase more than 3% per year. So, while your neighbor’s assessed value could go up by say 10% next yearyours wouldnt.