Florida Has One of the Most Comprehensive Homestead Exemptions in the Country (Why it Matters)
Florida’s homestead exemption is widely regarded as one of the strongest legal protections for property owners in the United States. It shields a person’s primary residence from certain creditors and offers substantial property tax benefits. Understanding how the exemption works is essential for homeowners, especially when planning for the future or addressing financial challenges. Here, our St. Petersburg estate planning attorney explains what you need to know about the homestead exemption in Florida.
What is Florida’s Homestead Exemption?
Florida’s homestead exemption is a provision that creates one of the broadest asset protections in the country by shielding a person’s primary residence from forced sale by most creditors. A key point is that the protection applies regardless of the dollar value of the home, as long as it does not exceed the size limits. The limit is:
- Up to one-half acre within a municipality or up to 160 contiguous acres outside a municipality.
Unlike many other states, Florida does not cap the dollar amount of homestead protection. That makes it especially valuable for people and families seeking long-term asset security.
Note: Florida’s homestead exemption is not only a statutory benefit. It is enshrined in the Florida Constitution, Article X, Section 4. Lawmakers in Florida cannot take away your exemption.
Understanding the Scope of Asset Protection in Florida (Homestead Exemption)
The homestead exemption offers real, tangible asset protection in Florida. Notably, the homestead exemption bars creditors from forcing the sale of a person’s home to satisfy debts. It is a strong tool to protect your assets. There are only three narrow exceptions. The homestead exemption in Florida does not apply for the following:
- A homeowner’s obligations for property taxes and assessments;
- A mortgage or voluntary liens entered into with the homeowner’s consent; and
- Mechanics’ or materialmen’s liens for work performed on the property.
To be clear, those are the only exceptions to the homestead exemption in Florida. Other debts (such as credit card judgments, medical bills, or unsecured personal loans) cannot generally penetrate the homestead protection. Florida courts have upheld the exemption in case after case. The courts have ruled that the homestead exemption must be liberally construed in favor of homeowners.
Property Tax Benefits Under Florida Law
Beyond the valuable asset protection, the homestead exemption provides significant property tax relief under Florida Statutes § 196.031. Eligible homeowners may exempt up to $50,000 of the home’s assessed value from taxation. The first $25,000 applies to all property taxes, while the additional $25,000 exemption applies only to non-school taxes on the assessed value between $50,000 and $75,000
Contact Our St. Petersburg Estate Planning Lawyer Today
At Fisher & Wilsey, P.A., our St. Petersburg estate planning attorney is a strong, reliable advocate for justice. Our firm always invests time and resources into every case that we take on. Have questions about the homestead exemption? We can help. Contact us today for your fully confidential initial case review. With an office in St. Petersburg, we serve clients throughout the region in Florida.
