Florida Property Tax Guide for Homebuyers 2025

Complete guide to Florida property taxes, homestead exemption, Save Our Homes cap, and property tax savings for homebuyers in Lake Mary and throughout Florida.

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Understanding Florida Property Taxes

Florida property taxes are assessed at the county level and can significantly impact your monthly housing costs. As a homebuyer in Florida, understanding property taxes, homestead exemption, and the Save Our Homes cap can help you save thousands of dollars annually. This guide covers everything you need to know about Florida property taxes.

Florida Homestead Exemption

The Florida Homestead Exemption is one of the most valuable tax benefits for Florida homeowners. It provides significant property tax savings for primary residences.

Standard Homestead Exemption

$50,000 exemption on assessed value
First $25,000: Exempt from all property taxes
Next $25,000: Exempt from school district taxes only
Must be your primary residence
Must apply by March 1st of the tax year

Additional Homestead Exemptions

Senior Exemption: Additional $50,000 for homeowners 65+ with income limits
Widow/Widower Exemption: Additional $500 exemption
Disability Exemption: Additional $500 for permanently disabled homeowners
Veteran Exemption: Additional exemptions for disabled veterans

Save Our Homes (SOH) Assessment Cap

The Save Our Homes amendment caps annual increases in assessed value for homesteaded properties at 3% or the Consumer Price Index (CPI), whichever is lower. This protects homeowners from dramatic property tax increases as home values rise.

Annual Cap: Assessed value can only increase 3% per year (or CPI, whichever is lower)
Portability: You can transfer up to $500,000 of SOH benefit when moving to a new Florida home
Reset on Sale: When you buy a home, the assessed value resets to market value, then caps going forward

Florida Property Tax Rates by County

Property tax rates (millage rates) vary by county in Florida. Here are approximate rates for major counties:

County	Approximate Millage Rate	Annual Tax on $300K Home*
Seminole (Lake Mary)	~1.2%	~$3,000-$3,600
Orange (Orlando)	~1.3%	~$3,300-$3,900
Miami-Dade	~1.8%	~$4,500-$5,400
Broward (Fort Lauderdale)	~1.4%	~$3,500-$4,200
Hillsborough (Tampa)	~1.2%	~$3,000-$3,600
Duval (Jacksonville)	~1.4%	~$3,500-$4,200

*After homestead exemption. Actual taxes vary based on assessed value and exemptions.

How to Apply for Homestead Exemption

To receive the homestead exemption, you must:

Own the property as of January 1st of the tax year
Use it as your primary residence (not a rental or vacation home)
Apply by March 1st at your county property appraiser's office
Provide required documents: Driver's license, vehicle registration, voter registration (all showing Florida address)

Property Tax Considerations for Homebuyers

1. Check Previous Tax Bills: Review the seller's tax bill to estimate your property taxes
2. Understand Assessment Reset: Your assessed value will reset to purchase price, then cap at 3% annually
3. Apply for Homestead: File for homestead exemption immediately after closing
4. Factor into Monthly Payment: Property taxes are typically escrowed and included in monthly mortgage payment
5. Consider Portability: If moving from another Florida home, transfer your SOH benefit

Property Tax Savings Tips

Apply for Homestead Exemption: Save $50,000 off assessed value immediately
Check for Additional Exemptions: Senior, disability, or veteran exemptions if applicable
Appeal Your Assessment: If you believe your assessed value is too high, file an appeal
Use Portability: Transfer Save Our Homes benefit when moving to a new Florida home

Have Questions About Florida Property Taxes?

Contact Edge Home Loans in Lake Mary for guidance on property taxes and homestead exemption.

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