The Florida homestead exemption is one of the most valuable benefits of owning a home in the state, and every new owner who lives in their home full time should file for it. It reduces the taxable value of your primary residence and, just as importantly, activates the Save Our Homes cap that limits how fast your assessed value can rise.
Who qualifies: you must own the property and make it your permanent residence as of January 1 of the tax year. Property appraisers typically ask for proof of residency such as a Florida driver's license or ID with the property address, Florida vehicle registration, and voter registration. Only one homestead exemption is allowed per family unit.
How much it saves: the exemption removes up to $50,000 of assessed value. The first $25,000 applies to all property taxes, including school taxes; the second $25,000 applies to the assessed value between $50,000 and $75,000 and excludes school taxes. Exact savings depend on your local millage rate.
The Save Our Homes cap: once your homestead is in place, the annual increase in your assessed value is limited to 3% or the change in the Consumer Price Index, whichever is lower. Over several years, this cap often saves homeowners far more than the exemption itself. When you sell, you may be able to transfer — or 'port' — part of that accumulated benefit to your next Florida homestead if you apply within the allowed timeframe.
How to file: apply online or in person with your county property appraiser — the Miami-Dade Property Appraiser, the Broward County Property Appraiser, or the Palm Beach County Property Appraiser. The deadline to file for the current tax year is March 1. If you bought your home during the year, you can usually file early for the following January 1.
Additional exemptions may apply for seniors who meet income limits, veterans with service-connected disabilities, surviving spouses, and people with disabilities. Check your county property appraiser's website for the current list and requirements. If you are buying a home and want to understand how taxes will change after the sale, ask us for a tax estimate with your home search.
