Military Property Tax Exemption For Florida Real Estate Owners
There is good news for military personnel who own Florida real estate. Voters in the sunshine state approved a constitutional amendment during the November elections that will allow service members to save on their property taxes.
According to a Jacksonville.com, article, service members deployed outside the U.S. who are part of Operation Enduring Freedom, Operation Iraqi Freedom or Operation New Dawn may take advantage of the tax exemption. In order to receive the benefit, military members must file with their county’s property appraiser. It is reported that approximately 150 Duval County residents have applied for the exemption as of mid-June.
The amount saved is correlated with the amount of time the service member spent deployed the previous year; the longer one’s deployment was, the greater their exemption will be. For example, service members who served overseas for six months during 2010 will save 50 percent on his or her tax bill.Â The exemption is also in addition to the homestead exemption available to all Florida residents.
The law stipulates that the balance of the money saved is applied to the next year’s bill, so residents will see the credit applied to their 2011 property taxes.