Florida Homestead Exemption, Save Our Homes & Millage Explained

Why two neighbors with identical houses can pay very different property taxes in Florida, and how to estimate your own bill.

How a Florida property tax bill is calculated

Your ad valorem tax = taxable value × millage ÷ 1,000, summed over every taxing authority (county, school board, city, water management and special districts). One mill is $1 per $1,000 of taxable value. Taxable value is assessed value minus exemptions. Non-ad valorem assessments (garbage, stormwater, fire fees) are added on top and are not based on value.

The homestead exemption (2026)

The first $25,000 of assessed value is exempt from all property taxes, including school taxes.
An additional exemption applies to assessed value above $50,000 for non-school levies only. It was $25,000 and is now adjusted each year for inflation (2024 Amendment 5): $26,411 for 2026 per the Florida Department of Revenue.
So a homesteaded home assessed at $76,411 or more gets $25,000 off school levies and $51,411 off non-school levies.
You apply with your county property appraiser, generally by March 1, for a home that is your permanent residence on January 1.

Save Our Homes: the 3% cap

Once a home is homesteaded, its assessed value can rise by no more than 3% a year or the change in CPI, whichever is lower, even if the market value rises faster. Over years this creates a gap between market value and assessed value. Portability can let you transfer some of that benefit to a new Florida homestead if you apply.

The 10% non-homestead cap

For non-homestead property (second homes, rentals, commercial), assessed value increases are capped at 10% a year for non-school levies. School levies use full market value.

Why buyers often pay more than sellers did

When a home sells, the cap resets: the next January 1 the assessment moves to market value. A buyer can therefore face a much higher bill than the previous owner. Each county page on this site estimates what a new homesteaded buyer of a median-value home would pay.

Worked example

A home assessed at $350,000 in an area with 6 school mills and 12 non-school mills. With homestead: school taxable value $325,000 → $1,950; non-school taxable value $298,589 → $3,583; total $5,533. Without homestead: $6,300.

Amendment 3 (November 3, 2026 ballot)

Florida voters decide a proposed constitutional amendment on November 3, 2026. According to a Pinellas County Property Appraiser FAQ, if approved it would greatly increase the non-school homestead exemption starting in 2027, while the school-tax exemption stays at $25,000. This site's calculator reflects current (2026) law and will be updated after the vote. Read the official text: Florida Division of Elections amendment booklet, Pinellas County Property Appraiser FAQ.

Sources

Not tax advice. Statistical estimates from public data. Exemption rules summarized here are general information for the 2026 tax year and can change (see the Amendment 3 note on the homestead page). Confirm with your county property appraiser.