Florida's property tax system has some of the most homeowner-favorable provisions in the country — but you have to know how to use them. Miss the homestead exemption filing deadline and you wait a full year. Miss portability when you move within Florida and you leave tens of thousands of dollars on the table.
How Florida Property Taxes Are Calculated
Your property tax bill = (Assessed Value - Exemptions) × Millage Rate.
Assessed value: In Florida, property is assessed at "just value" (essentially market value) when it first enters the system — typically at purchase. After that, the Save Our Homes Amendment caps annual assessment increases at 3% or the Consumer Price Index, whichever is less, for homesteaded properties.
Millage rates: Set by each county, municipality, and school district. "1 mill" = $1 per $1,000 of assessed value. Florida's statewide average is approximately 20 mills (2%), but actual rates vary significantly by county. Miami-Dade: ~18.5 mills. Sarasota: ~17 mills. Hillsborough (Tampa): ~20 mills. Collier (Naples): ~13 mills — one of the lowest in the state.
Example: A $400,000 home in Hillsborough County with homestead exemption: ($400,000 - $50,000) × 0.020 = $7,000/year. The same home in Collier County: ($400,000 - $50,000) × 0.013 = $4,550/year.
The Homestead Exemption
Florida homestead exemption reduces your assessed value by up to $50,000 for your primary residence. The exemption has two parts:
The first $25,000 applies to all property taxes, including school taxes. The second $25,000 applies to assessed value between $50,000 and $75,000, and applies to all taxes except school district taxes.
How to file: Online through your county property appraiser's website, or in person at their office. Required documents: proof of Florida residency as of January 1 of the tax year (utility bill, bank statement, or lease/mortgage in your name at the Florida address); Florida driver's license or ID showing the Florida address; vehicle registration or voter registration.
Deadline: March 1. This is firm. If you move in June 2026, you must file by March 1, 2027 to get the exemption for the 2027 tax year. File late and you wait until 2028.
Additional exemptions: Florida offers additional exemptions for seniors (over 65), disabled veterans, first responders, and others. Check your county property appraiser's website for all available exemptions.
Save Our Homes: The Long-Term Protection
Once you have homestead exemption, your assessed value can increase by no more than 3% per year (or CPI, whichever is lower). In a hot real estate market where market values increase 8–15% annually, this creates a growing gap between market value and assessed value over time.
Example: You buy a $400,000 home in 2026. Over 10 years, it appreciates to $650,000 in market value. Without Save Our Homes, you'd pay taxes on $650,000. With Save Our Homes, your assessed value is capped at approximately $537,000 (starting from $400,000 and growing 3%/year). You pay taxes on the lower assessed value.
For long-term Florida homeowners, this cap represents significant savings — often $2,000–$5,000/year by year 10 and growing.
Portability: Moving Within Florida
When you sell your Florida homestead and buy another Florida home, you can transfer your accumulated Save Our Homes benefit (the difference between assessed value and just/market value, up to $500,000) to your new home. This is called portability.
Portability must be applied for within 3 years of leaving your previous homestead. It significantly reduces the assessed value of your new home and can save $1,000–$5,000/year or more depending on how much benefit has accumulated. File for portability at the same time as your homestead exemption at your new county property appraiser's office.