In Florida, homestead exemptions to property taxes grow as homeowners stay put, and according to a RealtyTrac report, homeowners who have been in their homes for 20 years pay an average of $650 less in property taxes than homeowners who have been in their houses just 1-5 years.
In order to qualify for a Florida homestead exemption, the property must be your principal place of residence. If you are unsure as to whether or not you qualify for a homestead exemption, you should contact an attorney to assist you.
Investment properties do not qualify for Florida homestead exemptions, and the influx of these investors, especially those who have purchased Florida foreclosures, have boosted the tax base because they do not qualify for the Florida homestead exemption. This boost to the tax base is important because Florida relies heavily on property taxes since Florida does not have a personal income tax.
Property taxes in Florida last year were double that of those who live in Tennessee, but 1/6 of the amount as those who live in New York, according to the Orlando Sentinel.