Property tax exemptions can significantly impact your annual tax liability, making it essential to be well-informed about the options available to you. Whether you’re a homeowner, a veteran, a senior citizen, or a nonprofit organization, you may qualify for property tax exemptions that can help you keep more of your hard-earned money.
Whether you’re exploring exemption claims for the first time or seeking to maximize your Brevard County Property Appraiser property tax savings. Let’s embark on this informative journey together to uncover the potential property tax relief options that can benefit you in Brevard County.
Navigate the Property Tax Relief in Brevard County
How does the Brevard County Property Adviser verify eligibility for an additional waiver?
The Supplemental Homestead Exemption is an additional exemption added to the Homestead Exemption that allows claimants to withdraw an additional $25,000 from the appraised value of their home each year. An additional application is generally not required for the Additional Homestead Exemption.
Instead, each property that qualifies for the initial $25,000 waiver will also be evaluated to determine if it may qualify for an additional waiver. In general, one of the key qualifications required to qualify for the additional exemption is that your property must be worth at least $75,000.
In the case of properties valued below $75,000, the additional $25,000 exemption would not apply to that property. Instead, smaller additional amounts would be applied to that property.
Generally, the allowable amount for the additional property waiver for properties between $50,000 and $75,000 is the property value minus $50,000. For example:
- If a property was worth $55,000, the additional property exemption would be $5,000
- If a property was worth $65,000, the additional property exemption would be $15,000
The maximum additional property waiver is $25.00 and is only available to individuals with a home value of $75,000 or more. This follows the same principle as above because $75,000 – $50,000 = $25,000.