One of the Most Powerful Benefits of Calling Florida Home. Understand the tax advantages, the Save Our Homes cap, and proposed future changes.
The Foundation
Buying a primary residence in Florida comes with more than sunshine and no state individual income tax. Florida homeowners may also qualify for valuable property-tax protections.
If you own a Florida property and make it your permanent residence, you may qualify for a Homestead Exemption that reduces the assessed value used to calculate your property taxes. But the immediate tax exemption is only part of the benefit.
Once your property qualifies for Homestead, Florida's Save Our Homes assessment cap generally limits annual increases in your property's assessed value to the lesser of 3% per year or the change in the Consumer Price Index.
This can become extremely valuable in a rising real estate market. Your home's market value may increase substantially while its assessed value for property-tax purposes grows much more slowly. Over many years, the difference between those two values can become significant.
2026 Homestead Exemption
Save Our Homes Assessment Cap
Save Our Homes Portability
*For 2026, qualifying homeowners may receive a $25,000 base exemption plus up to $26,411 in additional exemption for eligible non-school property taxes. Eligibility and assessed value requirements apply.
One of the biggest mistakes a Florida homebuyer can make is assuming the seller's current property-tax bill will become their property-tax bill.
It won't necessarily.
A longtime owner may have accumulated years of Save Our Homes protection, resulting in an assessed value substantially below the home's current market value. When that property is sold, its assessed value is generally reset based on the applicable Florida assessment rules. That means a buyer's future property taxes can be significantly higher than the taxes shown on the seller's current tax bill.
"When evaluating a home, don't simply look at what the current owner pays in property taxes. Estimate what YOU may pay after purchasing it. This is particularly important when calculating your true monthly housing expense."
Florida homeowners may also be able to transfer, or "port," some of their accumulated Save Our Homes benefit from one Florida homestead to another, subject to Florida's eligibility requirements and limitations.
For homeowners who have owned their Florida residence for many years, this benefit can be substantial. Your Homestead Exemption itself does not automatically transfer when you move. You must apply for Homestead on your new qualifying residence and properly apply for portability.
The Process
DON'T MISS THE MARCH 1 FILING DEADLINE.
Hold Title
You must own or hold qualifying title to the property as of January 1 of the year for which you are applying.
Florida Resident
You must be a permanent Florida resident and be prepared to provide documentation supporting Florida residency.
PRIMARY HOME
The property must be your permanent residence as of January 1 of the year for which you are claiming Homestead.
No Other Claims
You generally cannot claim another residency-based property tax benefit in Florida or another state while receiving Florida Homestead benefits.
File by March 1. Palm Beach County allows eligible homeowners to apply online, in person, or by mail.
YOU MAY QUALIFY FOR MORE
Homestead isn’t the only property-tax exemption available to qualifying Palm Beach County homeowners. Additional exemptions may be available for seniors, veterans and active-duty military members, people with qualifying disabilities, surviving spouses, and certain other circumstances.
Legislative Briefing
Florida voters are scheduled to consider Constitutional Amendment 3 during the November 2026 General Election. If approved, the amendment would substantially increase Florida's Homestead Exemption for property taxes other than school district levies.
If approved, the exemption for applicable non-school property taxes would increase to $150,000 in 2027.
If approved, the exemption for applicable non-school property taxes would increase to $250,000 in 2028.
If approved, the exemption would be adjusted automatically for inflation thereafter.
The proposal would also reduce the annual assessment-growth cap on certain non-homestead properties from 10% to 5%. Additional provisions affect local government taxation, new Florida residents, and the ability of local governments to increase homestead exemptions further.
These changes are not currently law. They are subject to voter approval in the November 2026 election. Until any amendment becomes effective, homeowners and buyers should rely on current Florida Homestead laws when making financial decisions. If approved, the amendment is scheduled to take effect January 1, 2027.
Last Updated: September 2026
QUICK ANSWERS
Clear, practical answers to some of the most common questions about filing, portability, property taxes, and Homestead in Palm Beach County.
Generally March 1 for the year in which you're seeking the exemption.
No. You must apply for Homestead on the new qualifying residence and separately address portability where applicable.
Potentially. Eligible homeowners may be able to port up to $500,000 of accumulated assessment difference to another qualifying Florida homestead.
Not necessarily. The seller may have years of accumulated Save Our Homes protection.
Through the Palm Beach County Property Appraiser.
EXPERIENCE BEYOND THE TRANSACTION
At Tolliver Prince Realty, we believe our job goes beyond helping you buy or sell a
home. We want our clients to understand the financial decisions and opportunities that
come with homeownership.
That's why we created Flight School.
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