Did you buy a home in the Orlando area last year?Now is the time for all buyers who bought a home in Florida last year to apply for the Homestead Exemption to help reduce the amount you pay on your property taxes.If you purchased your primary residence in 2014, you are eligible for the exemption which can reduce your taxable value on your home as much as $50,000, saving you approximately $750, annually in property taxes! You may also qualify for additional homestead exemptions if you are over 65 years old or have a disability.The assessed value of your homestead property cannot increase more than 3% per year or the percent change in the Consumer Price Index. Often, this tax savings can now be transferred to a new Florida residence should you move.In Florida you need only apply for the exemption one time, and it will automatically renew each year thereafter as long as the home remains your primary residence. Depending on which county you reside in, you can file online, via fax, regular mail or in person at the Tax Appraiser’s office.You may file for homestead exemption year round, but the deadline is March 1 to receive the exemption in the same tax year of your filing. Applications received after the deadline will be processed the following year.To learn more about the Florida Homestead Exemption, Save Our Homes, and other property exemptions, call or visit your local county property appraiser or see the links to property appraiser’s offices listed below by county.Orange CountySeminole CountyOsceola CountyLake CountyPolk CountyVolusia County