Florida Homestead Tax Exemption & Save Our Home (SOH) Portability
If you are buying your primary residence in the state of Florida, you will want to learn how you save on your Florida property taxes. You must take action to receive this benefit.
What Is A Homestead Tax Exemption?
The Homestead Exemption is a valuable property tax benefit that can save homeowners up to $50,000 on their taxable value. The first $25,000 of this exemption applies to all taxing authorities. The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. Seniors, disabled vetrans & surviving spouses of first responders can qualify for additional exemptions.
If you SOLD your Primary Florida Residence in the last 3 years and are now buying a NEW Florida Residence, you might beable to TRANSFER your Tax Savings if you were granted the homestead exemption on your new property. Keep Reeding!
SAVINGS WHEN YOU UPSIZE OR DOWNSIZE PRIMARY FLORIDA RESIDENCE
Are There Restrictions To Claiming Homestead?
Yes! You must have occupied and owned the property as your primary permanent residence as of January 1 of the filing year. You MUST apply BEFORE March 1st following the year the property became your primary home to receive the most tax benefit. You can apply
Who Is Eligible?
Florida residents qualify for the Homestead Exemption on their primary residence.
When Can I File?
You can file for the Homestead Exemption as soon as you receive your recorded Deed from the title company. Your deed is also available online about 4-6 weeks after your closing. See below for information for your county.
Is There A DEADLINE To File?
YES! MARCH 1st is the deadline to receive the exemption for that tax year. Once you apply and receive the exemption, it will be up to you to tell the county if the property is no longer your primary permanent residence.
What Documents Do I Need?
- Your recorded Deed or Tax Bill
- Florida Driver's License
- Vehicle Registration* (with new property address)
- Permanent Resident Card (Non-Us Citizen)
- Social Security Number
- County Voter Registration ID
- Tax bill showing no other Homestead Exemptions
Are There Any Other Exemptions?
YES! Don't pay more than you should. Contact your property appraiser's office to see what other exemptions you may qualify for.
What Is SAVE OUR HOME Portability?
Portability refers to the ability of a property owner to transfer some or all of their “Save Our Homes” benefit from their previous homestead to a newly established homestead. The Save Our Homes Amendment to the Florida Constitution prevents the assessed value of homestead property from increasing more than 3% per year, or the percent change in the Consumer Price Index (CPI), whichever is lower. To avoid losing the benefit of this cap when you move to another homestead property within Florida, you must apply to transfer your portability value to your new homestead. Be sure to get your tax savings!
Am I Eligible?
You may “port” your Save Our Homes tax benefits to your new home as long as they establish your new homestead within 3 years of abandoning their previous homestead. In other words, you must have received a homestead exemption on your previous homestead in one of the last two tax years.
How Do I Apply For Portability?
In order to port your Save Our Homes benefits, when filing an application for a new homestead exemption, you must also file Form DR-501T, for Transfer of Homestead Assessment Difference by March 1st of the year you intend to establish a new homestead.
What Is My Portability Value?
The Save Our Homes benefit is the difference between the assessed value and the market value of a homestead property due to the annual limit on increases in assessed value. You may port up to $500,000 of capped value to your new homestead. For example, if your prior homestead was worth $350,000, but was assessed at only $250,000 due to the Save Our Homes benefit that would result in a $100,000 cap differential. If you moved to a new homestead worth $500,000, that home would be assessed at no more than $400,000 in the first year, with subsequent increases limited to 3% per year, or the percent change in the CPI. If you move to a less valuable home, the amount of cap differential that you may port will be limited to your prior homestead’s assessed value divided by its just value. For example, if your prior homestead was worth $500,000, but was assessed at $400,000, and you move to a less valuable home, the new homestead will be assessed at 80% of its just value the first year, as long as the cap differential does not exceed $500,000.
What If We Are Combing Households?
If two people who each have their own homestead decide to acquire a new homestead together, the Property Appraiser will use whichever prior homestead would result in the highest cap differential, and thus the highest tax savings. However, once again, the cap differential may not exceed $500,000.
What If We Are Abandoning Joint Property?
When joint owners abandon homestead property and acquire new, separate homestead properties, the cap differential that they are allowed to port is calculated as described above. However, the cap differential is then divided by either the number of owners of the prior homestead or, in the case of property owned as tenants in common, by each owner’s proportionate interest in the prior homestead. For example, if two joint owners would be allowed to port a $100,000 cap differential to the same new residence, if they move to separate new residences, they would each be permitted to port $50,000
Where Do I File?
Clay County:
In Person: Administration Building, 2nd Floor, 477 Houston Street, Green Cove Springs, FL 32043
Online: https://ccpao.com/real-property/#Homestead
Phone: 904.269.6305 ext 1 request an Exemptions Specialist
More Info: https://ccpao.com/
Duval County:
In Person: Property Appraiser’s Office, 231 E. Forsyth Street, Suite 260, Jacksonville, FL 32202
Online: https://homestead.coj.net/webform4.aspx
Phone: 904.630.2020
More Info: www.coj.net
St. Johns County:
In Person: 4030 Lewis Speedway, Suite 203, Saint Augustine, Florida
Online: https://hx.sjcpa.us/ApplyOnline/
Phone: (904) 827-5500, option 1
More Info: https://www.sjcpa.gov/exemptions/
Nassau County:
In Person: 96135 Nassau Place, Suite #4, Yulee, FL 32097
Online: https://www.nassauflpa.com/file-for-homestead/
Phone: 904.491.7300
More Info: https://www.nassauflpa.com/
Putnam County:
New applications for Homestead and other exemptions for Putnam County must be made in person. Applications can be made year round in the Palatka Office. From January 1st through March 1st, you can also apply in Putnam County's satellite office.
In Person: 312 Oak Street, Palatka, FL 32177
Online: n/a
Phone: 386.329.0286
More Info: https://pa.putnam-fl.com/
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