The Florida Save Our Homes Benefit is an important protection for Florida homeowners. It limits property tax increases due to increases in the assessed value of your home. Here’s how it works.
What is the Save Our Homes Benefit?
Save Our Homes limits the increase in your property’s appraised tax value each year. The maximum increase is the lower of 3% or the annual change in the Consumer Price Index.
The Consumer Price Index, or CPI, is the most-used measure of inflation.
Who qualifies for Save Our Homes?
In order to qualify for Save Our Homes, you must have received the Homestead Exemption on your home. The Homestead Exemption is generally for a primary residence and provides additional tax benefits.
You can apply through the tax collector for the county where you are buying your home.
You don’t have to be a senior citizen like you do in other states.
What is the difference between the Save Our Homes Benefit and Homestead Exemption?
Even though these two property tax benefits go together, they are part of two separate laws.
Save Our Homes limits increases to your property’s assessed value by limiting the percentage of the annual increase.
The Homestead Exemption excludes part of your property’s assessed value from property taxes. It works like the standard deduction for income taxes and subtracts a fixed amount from your assessed value.