Florida Homestead Exemption

What Is the Florida Homestead Exemption?

The Florida Homestead Exemption is a constitutional tax benefit that reduces the assessed value of your primary residence for property tax purposes. Florida does not have a state income tax, but property taxes are a significant expense for homeowners. The homestead exemption is one of the most valuable financial protections available to Florida residents.

How Much Does the Homestead Exemption Save?

The standard homestead exemption removes up to $50,000 from your property's assessed value. The first $25,000 applies to all property taxes, including school district taxes. The second $25,000 applies to assessed values between $50,000 and $75,000 and excludes school district taxes. For a home assessed at $300,000, the exemption can save $750 to $1,000 or more annually, depending on your local millage rates.

What Is Save Our Homes?

The Save Our Homes (SOH) amendment caps annual increases in your property's assessed value at 3% or the Consumer Price Index, whichever is lower. This protection only applies to homesteaded properties. Over time, the gap between your assessed value and market value can become substantial, saving long-term homeowners significant money. This benefit is sometimes called the "SOH cap" and is one reason Florida homeowners are cautious about selling and buying a new property.

Portability of Save Our Homes

Florida allows you to transfer your SOH benefit to a new homesteaded property within the state. This is called "portability." You must apply within three years of leaving your previous homesteaded property. The portable amount is the difference between your assessed value and just (market) value, up to $500,000. This portability provision makes it easier for existing Florida homeowners to move without losing their accumulated tax savings.

How Do You Apply for the Homestead Exemption?

1. Purchase your home and establish it as your primary residence by January 1
2. Apply through your county property appraiser's office by March 1
3. Provide proof of Florida residency (driver's license, vehicle registration, voter registration)
4. Provide proof of ownership (deed or closing documents)

In Hillsborough County, you can apply online through the Hillsborough County Property Appraiser website. Pinellas, Pasco, Polk, and Manatee counties also offer online applications.

Are There Additional Exemptions?

Florida offers additional exemptions for specific groups:

• Senior citizens (65+) with limited income may qualify for an additional exemption
• Disabled veterans may receive a full or partial exemption
• Surviving spouses of first responders or military who died in the line of duty may receive a full exemption
• Totally and permanently disabled persons may qualify for a full exemption