Homestead Banding by Assessed Value

The primary personal exemption in Florida is the homestead exemption, which provides a $50,000 reduction in the property’s assessed value. Homestead exemption is granted to property owners who possess title to real property; are bona fide Florida residents living in the dwelling and making it their permanent home on January 1st; and file an application by March 1st.

The first $25,000 of homestead exemption applies to all millage rates assessed against your property. The second $25,000 applies to all millage rates except for school millages, and only to assessed value between $50,000 and $75,000. If your assessed value is between $50,000 and $75,000, a pro-rated exemption amount applies. The combined 1st and 2nd exemptions reduce the property tax bill by approximately $400 - $1,000 (varies by County and Taxing district).

The proposed 3rd homestead exemption would be effective on the 2019 tax roll (November 1, 2019 tax bill) and would apply to all millage rates except for school millages, and only to assessed value between $100,000 and $125,000. If your assessed value is between $100,000 and $125,000, a pro-rated exemption amount would apply.

The following graphic shows how Homestead Exemption is banded based on Assessed Value:

*Applies to All Millages except Schools

Please do not confuse Just/Market Value with Assessed Value. For homesteaded property, Assessed Value represents the value estimate constrained by the "Save Our Homes" cap and is typically lower than Just/Market Value by the second year following its sale in a rising market.