What Is the Homestead Exemption?
Florida's Homestead Exemption reduces the taxable value of your primary residence by up to $50,000. For a home assessed at $1.5M, that translates to approximately $750-$900 in annual tax savings.
More importantly, it triggers the Save Our Homes cap, which limits assessed value increases to 3% per year — regardless of how fast the market rises.
Who Qualifies
- Florida permanent residents as of January 1
- Must be your primary residence
- Must apply by March 1 of the tax year
How to Apply
- Visit your county property appraiser's website
- Submit proof of Florida residency (driver's license, voter registration)
- Submit proof of ownership (deed)
- Apply online or in person before the March 1 deadline
The Save Our Homes Benefit
This is where the real value lies for long-term owners. If you buy a home for $2M today and values rise 10% annually, your assessed value can only increase by 3% per year — saving you potentially $10,000+ in taxes annually within a decade.
Portability
If you move within Florida, you can transfer your accrued Save Our Homes benefit (up to $500,000) to your new home. This is called Portability and must be applied for within two years of selling your previous homestead.
