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Florida Homestead Exemption: The Tax Break Every New Homeowner Should File For

An XPN Realty / STX Realty buyer guide · November 2026

Buy a home in South Florida, move in, and one of the most valuable pieces of paperwork you will ever file takes about fifteen minutes online. It is called the homestead exemption, and our agents at XPN Realty and STX Realty remind every buyer about it at the closing table — because it lowers your property tax bill every year, and missing the deadline means waiting a full year to start saving.

What the exemption does

Florida's homestead exemption reduces the taxable (assessed) value of your permanent residence. For the 2026 tax year, it removes up to $25,000 of assessed value from all property taxes, including school taxes, plus an additional up to $26,411 (the second tier is inflation-adjusted) from non-school taxes on assessed value above $50,000 — up to $51,411 of untaxed value in total on a home with enough assessed value. It is not a check or a credit — it shrinks the number your bill is calculated from, so dollar savings depend on your assessed value and local tax rates.

The second benefit is arguably bigger over time. Once your homestead is established, Florida's Save Our Homes provision caps how fast your assessed value can rise at 3% per year or the inflation rate, whichever is lower — no matter how fast market values climb. In Coral Springs, Parkland, Boca Raton and Weston, that cap compounds into thousands of dollars of protected value the longer you stay.

Who qualifies — and the two dates that decide everything

You qualify if you own the home and it is your permanent, primary residence on January 1 of the tax year. That date is the whole ballgame. Close in November or December 2026 and live there permanently on January 1, 2027, and you can claim it for 2027. Close in February 2027, and your first exemption year is normally 2028.

The application deadline is March 1 of the tax year. Buy in 2026? File by March 1, 2027. Miss it, and you generally wait until the following year — both counties describe late-filing options for owners with good cause (in Palm Beach County up to mid-September), but approval is not automatic.

How to file in Broward and Palm Beach counties

You file once, with the property appraiser of the county where the home sits. Our Coral Springs, Parkland and Weston buyers file with the Broward County Property Appraiser at bcpa.net; our Boca Raton buyers file with the Palm Beach County Property Appraiser at pbcpao.gov. File online; once you qualify, the exemption renews automatically each year while you remain eligible.

Have these ready before you start:

- Your recorded deed or a recent tax bill for the property
- A Florida driver license or ID card showing the home's address
- Florida vehicle registration at that address, if you own a vehicle
- Florida voter registration, if you are registered to vote
- Social Security numbers for each owner applying
- Permanent resident card, if you are not a U.S. citizen

Moving within Florida? Ask about portability

If you sell one Florida homestead and buy another, you may be able to carry your Save Our Homes savings with you — up to $500,000 of accumulated benefit. This is called portability, and it is not automatic: you file Form DR-501T with your new county's property appraiser, by the same March 1 deadline, and you generally must establish the new homestead within three tax years of leaving the old one. For long-time owners, portability can be worth more than the exemption itself — ask about it before you close, not after.

Mistakes our team sees most often

- Assuming the seller's exemption carries over. It does not. A change of ownership resets the assessed value to market value, so your first-year taxes are calculated fresh — budget for that, not for the seller's old bill.
- Renting the home out. Renting your home on January 1, or for more than six months, can cost you the exemption entirely.
- Forgetting to report changes. A new deed or converting the home to a rental must be reported to the appraiser; keeping an exemption you no longer qualify for can trigger a tax lien with penalties and interest.

One timely note: Florida voters are scheduled to decide Amendment 3 on November 3, 2026, a proposal that would increase the homestead exemption starting in 2027. Whatever the outcome, claim the exemption that exists today — file on time, every time.

Questions about buying in Broward or Palm Beach County — taxes, insurance, HOA approvals and everything between contract and closing? Reach the XPN Realty / STX Realty team through xpnrealty.com, and an agent who works your neighborhood will walk you through your next steps.

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General information only, not legal or tax advice. Exemption amounts, deadlines and filing requirements are set by Florida law and administered by your county property appraiser; confirm your specific situation with the Broward County Property Appraiser (bcpa.net, 954-357-6830) or the Palm Beach County Property Appraiser (pbcpao.gov, 561-355-2866), or with your tax professional. Sources: Florida Department of Revenue; Palm Beach County Property Appraiser, Exemption Services (pbcpao.gov); Broward County Property Appraiser filing guidance (bcpa.net); Florida Statutes §§ 193.155 and 196.011–196.061. Prepared November 1, 2026.