Short answer: if you own a Florida home and make it your permanent residence by January 1, you can file for a homestead exemption with your county property appraiser by March 1. It reduces your taxable value, and the Save Our Homes rule then limits how fast your assessed value can rise each year: 3% or the change in the Consumer Price Index, whichever is lower. If you later move within Florida, portability lets you carry up to $500,000 of that built-up savings to your next home.
The exemption
Under Florida Statutes section 196.031, the first $25,000 of assessed value is exempt from all property taxes, including school taxes. A second exemption of up to $25,000, adjusted for inflation, applies to assessed value above $50,000 and only to non-school taxes. Amendment 3, approved in November 2026, raises the non-school exemption to $150,000 in 2027 and $250,000 in 2028 for eligible owners.
Who qualifies and how to file
- You must hold title to the home and, in good faith, make it your permanent residence as of January 1 of the tax year.
- File Form DR-501 with the property appraiser in the county where the home is, by March 1.
- If you buy in the middle of a year, the seller's exemption usually applies for that year. You file for the next year.
Save Our Homes
Once your homestead is in place, the assessed value can increase each year by no more than 3% or the change in the Consumer Price Index, whichever is less, even if market value rises faster. When a home sells, the cap resets and the property is assessed at market value the following January 1. That is why a seller's tax bill is often much lower than what a new owner will pay.
Portability
When you move from one Florida homestead to another, you can transfer the difference between the old home's market value and its capped assessed value, up to $500,000, to the new home. You must establish the new homestead within three years of January 1 of the year you gave up the old one, and file Form DR-501T with your homestead application by March 1.
Non-homestead property
Second homes and rentals do not get the homestead exemption. Their assessed value increases have been capped at 10% a year for non-school taxes; Amendment 3 lowers that cap to 5%.
Frequently asked questions
When is the Florida homestead exemption deadline?
March 1 of the tax year. You must own the home and make it your permanent residence by January 1 of that year, then file Form DR-501 with your county property appraiser.
How much does the Florida homestead exemption save?
Currently up to about $50,000 of assessed value is exempt (the second $25,000 is inflation-adjusted and excludes school taxes). Amendment 3 raises the non-school exemption to $150,000 in 2027 and $250,000 in 2028 for eligible owners.
What is Save Our Homes in Florida?
A cap on how much a homestead's assessed value can rise each year: 3% or the change in the Consumer Price Index, whichever is lower. It resets when the home is sold.
How does homestead portability work in Florida?
You can transfer up to $500,000 of your Save Our Homes benefit to a new Florida homestead if you establish it within three years of January 1 of the year you left the old one and file Form DR-501T by March 1.
General information, not legal, tax or financial advice. Confirm details with your agent, lender, attorney or insurer.