The Homestead Exemption & Save Our Homes Program

The Homestead Exemption and the Save Our Homes (SOH) program are two programs designed to provide property tax relief to Florida homeowners.

 Homestead Exemption

1. Basic Homestead Exemption:

• Florida law allows homeowners to claim a $25,000 exemption on the assessed value of their property for property tax purposes if the property is their primary residence.

• This means the first $25,000 of the property’s assessed value is exempt from all property taxes, including school district taxes.

2. Additional Exemptions:

• There is an additional $25,000 exemption applied to the value between $50,000 and $75,000 but it doesn’t apply to school district taxes.

• Additional exemptions might be available for certain categories of people like seniors, veterans, and disabled individuals.

3. Eligibility and Filing:

• To qualify, a homeowner must establish their Florida home as their primary residence.

• Homeowners need to apply for the exemption with their local county property appraiser.

Click Here for a more detailed brochure about the Homestead Exemption.

Save Our Homes (SOH) Program

1. Assessment Limitations:

• The Save Our Homes program caps the annual increase in the assessed value of a homestead-exempt property to 3% or the change in the Consumer Price Index (CPI), whichever is lower.

• This means that even if the market value of the home increases by a larger percentage, the assessed value for tax purposes will not increase more than the capped rate, keeping property taxes lower than they might otherwise be.

2. Portability:

• Florida homeowners can transfer the accumulated tax savings from the SOH cap (the difference between the market and assessed value) when they sell their home and buy a new one. This is referred to as “portability” and it’s designed to shield homeowners from dramatic increases in property taxes when they move.

3. Example:

• If a home is worth $300,000 and its assessed value is capped at $200,000 under SOH, the homeowner has an accumulated SOH benefit of $100,000. When moving to a new home, this $100,000 can be subtracted from the new home’s assessed value for tax purposes, reducing the property tax burden.

Click Here for a brochure describing the Save Our Homes Program.

Utilizing the Homestead Exemption and the Save Our Homes program, Florida homeowners can potentially save a substantial amount on their property taxes, safeguarding them from sharp tax increases and providing valuable tax relief.