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Deadline: Apply for homestead exemption and agriculture status before Friday | Business

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Deadline: Apply for homestead exemption and agriculture status before Friday
Deadline: Apply for homestead exemption and agriculture status before Friday

HIllsborough County, Florida-- The Hillsborough County Property Appraisers office wants to remind everyone that the deadline to apply for homestead exemption or agriculture classification is fast approaching. Residents have until March 1st to file the required forms.

Here's the release:

TAMPA – Property owners in Hillsborough County seeking to lower their taxes through either homestead exemption or agriculture classification have until Friday, March 1 to file the required forms with the Hillsborough County Property Appraiser’s Office.

Under homestead exemption, state law allows homeowners to deduct up to $50,000 from the assessed value of their primary residence. For most homeowners in Hillsborough County, this can represent a significant reduction of their property taxes.

“If your home has an assessed value of $75,000 or more, you’re looking at a savings of more than $600 annually in taxes,” said Hillsborough County Property Appraiser Bob Henriquez. “In addition to that, having homestead exemption can save you money over the long haul because it limits annual increases to your assessed value.”

In order to receive homestead exemption, the property owner must meet certain criteria including:

  • Have legal title to the property recorded in Hillsborough County by January 1 of the year of application.
  • Be a U.S. citizen and establish Hillsborough County as their legal domicile.
  • Reside at the property as a primary residence.
  • Submit an application for homestead exemption on or before March 1.

Once homestead exemption is established, it’s automatically renewed each year until there is a change of ownership.

Agriculture status allows the appraiser’s office to assess a property’s value at less than market value and therefore lower the owner’s taxes. The property’s value is determined by what “bona fide” or “good faith” commercial agricultural purpose the land is being used for.

Like homestead exemption, agriculture status starts with the owner filling out an application with the HCPA. There is no cost to apply for homestead exemption or agriculture status but applications are due by Friday, March 1.

Homestead exemption applications can be submitted online at the HCPA’s web site (www.hcpafl.org) or in person at one of its offices, which are located in downtown Tampa, Brandon, Plant City, Ruskin and northwest Tampa (Westgate Plaza Shopping Center).

Applications for agriculture status must be submitted at one of the HCPA’s offices but the application forms are available for download at the HCPA web site.

Property owners with questions about homestead exemption or agriculture status can call the HCPA at (813) 272-6100.

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