How does Florida's homestead exemption work?

The first $25,000 of the home's assessed value is exempt from all property taxes, including school taxes. A second exemption, $25,000 adjusted each year for inflation, applies to the assessed value above $50,000 and to non-school taxes only; in 2026 the two together come to as much as $51,411. The larger saving over time is the Save Our Homes cap: once the home is homesteaded, its assessed value can rise no more than 3 percent a year, or the change in the consumer price index if that is lower, however fast the market climbs. When you move within Florida you can carry up to $500,000 of that difference to the new home, as long as you establish the new homestead within three years of January 1 of the year you left the old one. On November 3, 2026, voters decide Amendment 3, which would raise the non-school exemption to as much as $150,000 in 2027 and $250,000 in 2028, leave school taxes at the first $25,000, and start people who become residents from 2027 at a lower amount; it needs 60 percent of the vote.

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