Step 5. Calculate the amount of eligible assessed value (EAV) for homestead exemption.

Eligible assessed value (EAV) is the value of a property, or portion of a property, that is classified and assessed as owner occupied residential property, as determined by the property appraiser.

For Example, an owner occupied single family property with a value of $24,000 has an EAV = $24,000. A duplex valued at $40,000 (land = $10,000; improvements = $30,000) with one unit owner occupied has an EAV = $25,000.

Legal Authority and Reference

196.031(5) Florida Statutes:

...The exemption provided in this section applies only to those parcels classified and assessed as owner-occupied residential property or only to the portion of property so classified and assessed.

Practice

• I. What is the amount of eligible assessed value (EAV) for homestead exemption on an owner-occupied residence on a commercial property with a total value of $65,000 (commercial land = $15,000, commercial improvements = $25,000, residential land = $5,000 and residential improvements = $20,000)? $                    

• J. Determine the amount of EAV for homestead exemption on a residential property where:
  Residence #1 = $20,000 (not owner-occupied)
  Residence #2 = $30,000 (owner-occupied)
  Land value = $10,000
  
  EAV = $                    

What To Do

Go to step 6.