Florida RealEstate Taxes

Homestead no protection against tax increases this year
Florida homes have a market value (estimate of worth) and an assessed value (basis for property tax calculations). An owner’s assessed value, at first, should be market value minus $25,000, the homestead exemption and the local government applies its tax (millage) rate to that number. But Save Our Homes also impacts assessed value by capping it at a maximum 3 percent yearly increase. However, that cap is a yearly tool and applies anytime assessed value is below market value (minus $25,000). And for many of the state’s long-time homeowners, assessed value is significantly less than market value (minus $25,000). These owners will still see a tax increase this year, even if their market value of their home declines, as long as there is a gap between the just market value and assessed value of their home. In addition, SOH applies only to assessed values. If a local government opts to increase millage rates, property taxes for homesteaded homeowners would also go up. For more information, visit the Florida Department of Revenue Web site at