The Florida Homestead Exemption

What is the Homestead Exemption?

The Florida Homestead Exemption is a property tax benefit for homeowners who use their property as their primary residence. It can reduce your home’s taxable assessed value by up to $50,000, which can significantly lower your annual property tax bill.

While Florida’s property taxes aren’t the highest in the country, many homeowners are surprised by their bills. To qualify for the exemption, you must own the property, use it as your primary residence, have lived there since January 1 of the tax year, and not have rented it out for more than 30 days in a calendar year.

Claiming the homestead exemption is important because of the substantial benefits it provides. If you move from one Florida home to another, you may also be able to take advantage of “portability” under the Save Our Homes program. Portability allows you to transfer the tax savings from your previous homestead to your new home, potentially lowering the taxable value of your new property. In some cases, portability can transfer up to $500,000 of assessed value difference.

How Much Can You Save?

The exemption lowers your taxable value, which is the assessed value minus exemptions. This can result in substantial annual savings—up to $50,000 in assessed value removed from taxation.

When and How to Apply

• Deadline: March 1 of the tax year

• Form: DR-501

• Proof of residence required

• You can apply in person at the county appraisers office or online

• Other Special Exemptions:

  • Seniors with limited income

  • Disabled veterans

  • Deployed service members

  • Surviving spouses of first responders or military personnel

  • Home improvements for elderly family members (mother-in-law apartments, etc.)

Florida's homestead law offers some of the strongest creditor protections in the United States, protecting a homestead from forced sale to satisfy most types of judgments, it also has inheritance benefits. The bottom line is the homestead exemption is one of the easiest ways to save on property taxes in Florida. Don’t forget—apply by March 1, and ask about portability if you’re selling and buying a new home.

If you’re unsure about eligibility check with your county property appraiser for details.
Exemptions have its on forms and requirements which your tax attorney, CPA or tax preparer can help you with.
This is for informational purposes only.