If your home was damaged after Hurricane Helene and you plan to make repairs or rebuild, you may be wondering how it will impact your homestead exemption and Save Our Homes (“SOH”) cap and what steps you need to take to protect this important tax benefit. Homestead Exemption After Storm Damage

Report Property Damage Immediately

The first step is to report the damage to the property appraiser as soon as possible. In Sarasota County, you can do this online here. Reporting the damage ensures your property is assessed correctly, which is essential for determining how your exemption and cap applies going forward.

How Rebuilding Affects Your Save Our Homes Cap

When rebuilding, Florida law allows you to maintain your homestead exemption and SOH cap under certain conditions, and the property revaluation will be done once the repair or rebuild is complete. Here is how the calculation is analyzed:

• Size of the New Home:
• If the rebuilt or repaired home is no more than 110% of the size of the original home, no new value will be added to your property’s assessed value beyond the capped value from before the damage.
• Exceeding the 110% Rule:
• If the rebuilt or repaired home exceeds 110% of the original home’s square footage, the additional square footage will be added as new value to your property’s assessed value, which could increase your taxes.
• Homes Smaller Than 1,500 Square Feet:
• If your original home was smaller than 1,500 square feet, any square footage over 1,500 square feet in the rebuilt home will be assessed as new value.

Can You Get a Property Tax Refund?

In addition to keeping your homestead exemption intact, reporting property damage to the appraiser may also qualify you for a property tax refund. If your home has suffered significant damage and you’ve reported it, you could receive a partial refund on the property taxes you’ve paid for the year. Check with the local property appraiser’s office or visit their website for more information on the paperwork required and how to apply for this refund. For Sarasota County, more information can be found here.

Conclusion Homestead Exemption After Storm Damage

To protect your homestead exemption and SOH cap, plan your rebuild carefully. Make sure to report the damage promptly, follow the size guidelines, and consult with your property appraiser or trusted Real Estate Attorney for specific advice.