For those of you that bought a new home in 2007--in the state of Florida, March 1, 2008 is the deadline for filing for your homestead exemption. You will need to go to the property appraisers office to do this. March 1 is this Saturday, so you have until close of business on Friday to file.

The same deadline also applies for the portability of the homestead exemption if you acquired a new homestead and sold or moved from the previous homestead.

Previously the homestead exemption allowed you to get $25,000 off the assessed value of your home, lowering your tax bill. This year that has increased to $50,000 on homes worth at least $75,000, so taking a few moments to file this paperwork can save you a considerable amount of money.

Remember, also, if you are a disabled veteran, you also get an additional $5,000 added to your exemption. Benefits also apply if you are widowed as well.

There is also a 10% cap on non-homesteaded properties, however, it does not apply in 2008.

For Okaloosa County, Florida, the link for more information is:

http://www.okaloosapa.com/index-exempt.html

To find property appraisers in other counties in Florida, follow this link:

http://dor.myflorida.com/dor/property/appraisers.html