If you own a home in Florida (or are thinking about buying one), you’ve probably heard about Homestead Exemption and Portability—but what do they actually mean for you? Let’s break it down in plain English!
What is Homestead Exemption?
Florida offers a Homestead Exemption that can lower your property taxes if the home is your primary residence. Here’s how it works:
✅ You get up to $50,000 off the taxable value of your home, meaning you pay taxes on a lower amount.
✅ It protects you from big tax hikes, thanks to the Save Our Homes cap, which limits how much your assessed value can go up each year (a max of 3% or the Consumer Price Index, whichever is lower).
✅ It also provides protection from creditors, making it harder for someone to force the sale of your home if you owe them money (except for things like mortgages, property taxes, and HOA fees).
Bottom line? If you own your home and live in it full-time, apply for Homestead Exemption! You can do that through the Brevard County Property Appraiser’s website: Click here to apply!
What is Portability?
Here’s where it gets even better! If you sell your home and buy a new one in Florida, you can take your tax savings with you. This is called Portability.
✅ You can transfer up to $500,000 of your tax savings to your next home.
✅ This helps keep your new property taxes lower than they would be if you were starting fresh.
✅ You have three years to use it after selling your home, so don’t wait too long!
Example: If your old home was assessed at $250,000 but only taxed at $200,000 because of Homestead benefits, that $50,000 in savings can transfer to your new home, lowering your tax bill.
Why Does This Matter?
Property taxes can be a big part of homeownership costs. Homestead Exemption saves you money each year, and Portability lets you keep those savings when you move. If you’re thinking about selling or buying, understanding these benefits can make a huge difference in your budget!
📢 Watch our video below to learn even more! And if you have any questions, reach out to us at Blue Marlin Real Estate—we’re happy to help! 🚀🏡
321-877-2902
info(at)bluemarlinre(dotted)com