Florida Property Tax Guide — Rates, Homestead & How Assessments Work
Florida has no state income tax, so property tax is the tax that matters most to homeowners — and it works differently here than in most states. Understanding assessed value, millage, and the homestead exemption can save an owner thousands of dollars a year and prevent nasty surprises when buying.
How your bill is calculated
Each county property appraiser sets a just (market) value for your property every January 1. Exemptions are subtracted to produce taxable value, which is multiplied by the combined millage rate — the sum of rates levied by the county, city, school board, and special districts. One mill equals $1 of tax per $1,000 of taxable value. Millage varies by location; two homes with identical market values in different taxing districts can carry very different bills.
The homestead exemption and Save Our Homes
If the home is your permanent Florida residence on January 1, you can claim the homestead exemption — up to $50,000 off assessed value (the second $25,000 does not apply to school taxes). More valuable over time is the Save Our Homes cap: once homesteaded, your assessed value can rise no more than 3% per year (or CPI, whichever is lower), no matter how fast market value climbs. Long-time owners often pay taxes on assessments far below market value.
Portability — take your savings with you
When a homesteaded owner moves within Florida, they can transfer ("port") up to $500,000 of the accumulated Save Our Homes benefit to the new home, within the statutory transfer window. For long-time owners upgrading or downsizing, portability can reduce the new home's taxable value dramatically — it should be part of any move's math.
The buyer's trap: taxes reset at sale
This is the most misunderstood point in Florida real estate. The seller's tax bill reflects their capped assessment — not what you will pay. After a sale, the property is reassessed at market value, and the cap resets. A listing showing "$3,100/yr taxes" can become $7,000+ for the new owner. Always estimate your own bill using the county property appraiser's tax estimator with the purchase price, not the seller's history.
Non-homestead property and investors
Second homes and rentals don't receive the homestead exemption; their assessment increases are capped at 10% per year (excluding school levies). Investors should underwrite at the post-sale reassessed value from day one.
Key dates and appeals
TRIM notices (proposed taxes) mail in August; bills arrive around November 1 with a 4% discount for paying in November, declining monthly through March. If you believe your assessment exceeds market value, you can petition the county's Value Adjustment Board — deadlines are short (generally 25 days from the TRIM notice), so act quickly.
Questions on a specific property?
BKRS agents pull the actual millage, exemption status, and a realistic post-sale tax estimate for any Florida property you're considering. Browse current listings or ask us to run the numbers before you offer.