Tax & Savings Guide November 2026 5 Min Read

Florida Homestead Exemption & Tax Portability

How to save money on your Tampa Bay property taxes and bring up to $500,000 in tax savings to your next Florida home.

Executive Key Takeaways

The Florida Homestead Exemption takes up to $50,000 off your home's assessed tax value when it is your primary residence.
Florida's Save Our Homes cap keeps your assessed tax value from rising more than 3% per year.
If you already own a homesteaded home in Florida, 'Portability' lets you transfer up to $500,000 of your built-up tax savings to your next Florida home.

1. Why You Shouldn't Go by the Seller's Old Tax Bill

When a house is sold in Florida, the seller's long-time tax cap resets to current market value on January 1st after you buy. Before you make an offer, Mark and Rachael estimate what your new property tax bill will actually look like so you have no surprises in your monthly mortgage payment.

2. How Portability Works When You Move Within Florida

If your current Florida home is worth $750,000 today, but your taxed value is capped at $450,000, you have $300,000 in tax savings built up. When you buy your next primary home anywhere in Florida, you file Form DR-501T to move that $300,000 discount onto your new home.

Frequently Asked Questions