Broward County properties are assessed on January 1 of every year. This one fact is responsible for the major shock new homebuyers who haven’t been warned ahead of time may experience. Hint: your monthly mortgage payment may significantly increase in your second calendar year of ownership. The underlying reason for this is our homestead exemptions and law that caps annual assessed value increases at 3% for homesteaded properties.
Suppose you purchase a home in August for $350,000 that’s been homesteaded for years and–because of the cap that keeps the value artificially low–has an assessed value of $200,000. The following January, the assessed value will be the purchase price minus any applicable homestead exemptions. Unless you have $150,000 in deductions and your tax rate didn’t change, your mortgage payment will increase because your property tax increased. Unfortunately, your mortgage loan qualification doesn’t take this possible jump in payment into account. You need to be informed and plan for it because it’s possible no one involved in the deal will remember to tell you.
Florida residents who have made the property their permanent residence by January 1 are eligible to file for homestead that year.
Homestead Filing Dates
The “timely” deadline for filing is March 2, but the office accepts “late filing” until the middle of September. Property tax payments are due November 1. If your lender is escrowing the property tax each month, the lender pays the tax bill.
Every qualified resident may be eligible to receive one or more of the following exemptions in Broward County:
Everyone receives a $25,000 exemption
Additional $25,000 exemption for property values greater than $50,000
$500 exemption if totally and permanently disabled
$500 exemption if blind
$500 exemption for widowed individuals
$25,000 – $50,000 for persons 65+ with gross income less than $30,721
$5,000 veteran’s disability for service-related injury of 10% or more
Full exemption for quadriplegics
Full exemption for total and permanent veteran service-related injuries