Homeowner’s Guide to Florida Property Taxes

Owning a home in Florida comes with many benefits, from no state income tax to year-round sunshine. But every homeowner also pays Florida property taxes. While no one looks forward to receiving their property tax bill, understanding how these taxes work can help you plan ahead, avoid surprises, and even save money.

This guide covers what Florida property taxes pay for, what exemptions are available, why your tax bill may increase, the difference between market and assessed value, and how to challenge your property value if you think it is incorrect.

What Do Property Taxes in Florida Pay For?

Property taxes are a major source of funding for local government services. In Florida, they help pay for:

• Public schools and education programs

• Police and fire protection

• Emergency medical services

• Road construction and maintenance

• Parks, libraries, and recreation facilities

• Utility infrastructure, like water and sewer systems

When you pay property taxes, you are directly supporting the services that keep your community safe, connected, and thriving.

Florida Property Tax Exemptions

One of the best ways to save money on property taxes is by using available exemptions. The most common is the Homestead Exemption, which can reduce the taxable value of your primary residence by up to $50,000.

Other exemptions include:

• Senior exemptions for qualifying homeowners over a certain age

• Veterans’ exemptions for disabled veterans and surviving spouses

• Disability exemptions for homeowners with qualifying conditions

It is important to review your exemptions each year. Life changes such as retirement, disability, or purchasing a new primary residence may qualify you for additional savings.

Why Property Taxes May Increase

Even if you qualify for exemptions, your property taxes may rise from year to year. Increases usually happen when:

• Your home’s assessed value goes up

• Local governments raise millage rates (the tax rate applied to assessed value)

• Voters approve new local funding initiatives, such as improvements to schools or infrastructure

The Save Our Homes Cap

Florida homeowners are protected by the Save Our Homes cap, which limits increases to the assessed value of homestead-exempt properties to no more than 3 percent per year. Since your taxes are based on assessed value, not market value, this cap helps keep your property tax bill predictable and affordable, even in a rising real estate market.

Portability of the Save Our Homes Benefit

If you sell a homesteaded property and purchase another primary residence in Florida, you may be able to transfer (or “port”) the difference between your market value and assessed value to your new home. This portability benefit can result in significant tax savings and make moving more affordable.

You can get more information on Save Our Homes and Portability from the Florida Department of Revenue

Market Value vs. Assessed Value

Many homeowners are confused about the difference between market value and assessed value.

• Market value is the price your home could sell for in the current real estate market.

• Assessed value is determined by the county property appraiser and is the figure used to calculate your property taxes after exemptions.

Because of the Save Our Homes cap, the assessed value is often much lower than the market value, particularly if you have owned your home for several years. This difference is one of the biggest tax advantages of being a Florida homeowner.

How to Challenge Your Property Value

If you believe your home has been overvalued, you have the right to challenge your market value. Here is how to get started:

1. Review your TRIM notice
   Each August, Florida homeowners receive a Truth in Millage (TRIM) notice that lists the market value, assessed value, exemptions, and proposed tax rates for the coming year.

2. Check for errors
   Carefully review your notice for mistakes in your property record. Common errors include:

   • Incorrect square footage

   • Wrong number of bedrooms or bathrooms

   • Outdated or overstated improvements (such as pools, sheds, or renovations that no longer exist)

   • Misclassification of property use

   • Incorrect lot size
     Any of these can result in your property being valued higher than it should be.

3. Contact your property appraiser
   If you spot an error or believe the market value is too high, start with an informal review by your county’s property appraiser’s office.

4. File an appeal if needed
   If you are not satisfied with the review, you can file a petition with the county’s Value Adjustment Board (VAB), which hears appeals from homeowners.

5. Gather supporting evidence
   Submitting recent comparable sales, photos showing the condition of your home, or a professional appraisal can strengthen your case.

Challenging your property value may take some effort, but correcting an overvaluation can save you money year after year.

Key Takeaways for Florida Homeowners

• Property taxes fund important community services, from schools to emergency services.

• Exemptions such as the Homestead Exemption and others for seniors, veterans, and people with disabilities can reduce your bill significantly.

• The Save Our Homes cap limits increases to the assessed value of homestead-exempt properties to 3 percent per year, protecting homeowners from sharp tax hikes.

• Assessed value, not market value, is what your property taxes are based on.

• Portability allows you to transfer your Save Our Homes benefit to a new Florida home.

• Always review your TRIM notice for accuracy and take action quickly if you spot errors.

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