One of the most significant financial benefits of owning a primary residence in Florida is the homestead exemption — a property tax reduction that can save homeowners hundreds to thousands of dollars every year. Here's how it works.
What Is the Homestead Exemption?
Florida's homestead exemption reduces the assessed value of your primary residence for property tax purposes by up to $50,000:
- First $25,000 exemption: Applies to all property taxes — county, school, city, and special district taxes.
- Second $25,000 exemption (for assessed values between $50,000 and $75,000): Applies to all taxes except school taxes.
If your home's assessed value is $300,000 and the combined millage rate is 20 mills (2%), the exemption saves you approximately $600 to $800 per year depending on your location.
Who Qualifies?
To qualify for the homestead exemption, as of January 1 of the tax year you must:
- Own the property (in fee simple, life estate, or trust)
- Use it as your permanent primary residence
- Be a Florida resident
- Have a Florida driver's license or state ID showing the property address (or be able to document Florida domicile)
Investment properties, vacation homes, and rental properties do not qualify.
How to Apply
In Broward County, apply with the Broward County Property Appraiser's Office:
- Online at bcpa.net
- In person at the Broward County Governmental Center
- Deadline: March 1 of the tax year for which you're seeking the exemption
If you buy a home in October 2026 and move in, you must apply by March 1, 2027 to receive the exemption on your 2027 tax bill.
You only need to apply once — the exemption renews automatically as long as you remain eligible.
Save Our Homes (SOH) Cap
Beyond the exemption itself, homesteaded properties benefit from the Save Our Homes assessment cap. Once you receive the homestead exemption, the annual increase in your property's assessed value is capped at 3% or the Consumer Price Index (CPI), whichever is lower.
This is enormously valuable in appreciating markets. If your home's market value increases 15% in a year, your taxable assessed value still cannot increase by more than 3%. Over many years, the gap between market value and assessed value ("the SOH benefit") can become very large.
Homestead Portability
Florida's portability provision allows homeowners to transfer their accumulated Save Our Homes benefit when they move from one Florida homestead to another. This is an often-overlooked but valuable benefit.
If your current home has a $150,000 accumulated SOH benefit and you sell to buy a larger home, you can transfer up to $500,000 of that benefit to your new homestead (subject to certain rules). Portability must be applied for within 3 years of selling your previous homestead.
Other Property Tax Exemptions
Florida offers additional exemptions that may stack with the homestead exemption:
- Senior exemption: Additional $25,000–$50,000 for homeowners 65+ with limited income (varies by county)
- Disability exemption: For permanent and total disability
- Veterans exemption: For combat-disabled veterans
- First-responder exemption: For first responders with disability from line-of-duty injuries