Did you know you could be paying thousands in property taxes without even realizing it?

I’m Justino with the JDZ Luxury Team at KW Smart 1 Realty, and today I’m breaking down one of the most overlooked money-saving benefits for Florida homeowners: the Homestead Exemption.

What Is the Homestead Exemption?

If your property is your primary residence, you may qualify for a Homestead Exemption. This exemption reduces the taxable value of your home by $25,000 on the first $50,000 of its assessed value. In plain terms, that means lower taxable value and lower property taxes.

The Deadline You Can’t Miss

You must apply through your local county property appraiser’s office before March 1 each year. Apply on time to receive the savings for that year; miss the deadline and you’ll need to wait until the following year.

Long-Term Savings: Save Our Homes Cap

Florida’s Save Our Homes cap limits how much your assessed value can increase each year—up to 3% or less if inflation is lower. That’s why long-time homeowners often pay significantly less in property taxes than newer neighbors, even when market prices rise.

Moving? Use Portability

Planning a move? You can transfer up to $500,000 of your Homestead savings to your next home. This is called portability, and you can transfer the full amount or a percentage depending on your new home’s value. You’ll typically file two forms with your property appraiser:

1. New Homestead Exemption application
2. Portability transfer application

Deadline reminder: March 1 still applies.

Key Takeaways

• Primary residence: Homestead Exemption reduces taxable value by $25,000 on the first $50,000.
• Apply by March 1: File with your county property appraiser.
• Save Our Homes cap: Assessed value increases limited to up to 3% per year.
• Portability: Transfer up to $500,000 of savings when you move (application required).