Florida Property Tax Guide 2026: Homestead Exemption, Save Our Homes, County Rates

Florida's property tax system is complicated by two significant state-level programs — the Homestead Exemption and Save Our Homes — that can make property taxes dramatically different for long-term residents vs new buyers. Understanding these programs is essential for anyone purchasing real estate in Florida or planning a relocation.

There is no Florida state property tax — all property taxes are levied at the county and local level. Rates vary significantly across Florida's 67 counties, with the lowest rates in rural North and South Florida panhandle counties and the highest in urban Southeast Florida (Miami-Dade, Broward) and areas with strong school levies.

Florida County Property Tax Rates: What You Actually Pay

Effective property tax rates (approximate, 2025 data for 2026 reference):

• Miami-Dade County: 1.02%–1.30% effective rate (highly variable by municipality); Miami Beach: ~1.4%
• Broward County (Fort Lauderdale): ~1.10%–1.50% effective rate
• Palm Beach County: ~1.0%–1.4% effective rate
• Orange County (Orlando): ~0.9%–1.2% effective rate
• Hillsborough County (Tampa): ~0.95%–1.30% effective rate
• Sarasota County: ~0.80%–1.10% effective rate
• Lee County (Fort Myers): ~0.70%–1.0% effective rate
• Collier County (Naples): ~0.65%–0.90% effective rate (lowest major SW Florida county)
• Walton County (30A): ~0.50%–0.70% effective rate (among Florida's lowest)

Sample annual taxes at $500,000 assessed value (with Homestead Exemption):

• Miami-Dade: ~$5,500–$7,500/year
• Tampa/Hillsborough: ~$4,800–$6,500/year
• Naples/Collier: ~$3,500–$4,800/year

Homestead Exemption: How to Get It and What It Saves

The Florida Homestead Exemption is one of the state's most significant property tax benefits. To qualify:

• The property must be your primary residence as of January 1 of the tax year
• You must apply by March 1 of the first year you want the exemption (late applications accepted in some circumstances)
• You must be a Florida resident (driver's license, vehicle registration, voter registration in Florida)

How the exemption works:

• First $25,000 of assessed value: completely exempt from all property taxes
• Next $25,000 ($25,001–$50,000 of assessed value): fully taxable
• Next $25,000 ($50,001–$75,000 of assessed value): exempt from non-school taxes only

Dollar savings at different assessed values (using 1% effective millage rate for illustration):

• $300,000 assessed value: $50,000 exemption × 1% = $500 saved (rough estimate; school millage complicates this)
• $500,000 assessed value: effective saving ~$500–$750/year depending on millage breakdown
• $1,000,000+ assessed value: same dollar saving (~$500–$750); smaller as a percentage

Save Our Homes: The Long-Term Tax Benefit (and New Buyer Trap)

Save Our Homes (SOH) is a Florida constitutional amendment (Article VII, Section 4) that limits how much the assessed value of a homesteaded property can increase each year — to the lesser of 3% or the annual change in CPI inflation.

Why SOH matters enormously:

• A home purchased in 2010 for $200,000 that is now worth $600,000 (market value) may have a Save Our Homes assessed value of only $280,000 — the owner pays property tax on $280K, not $600K
• A new buyer pays on $600,000 assessed value — often 2× or more the property tax of the previous owner
• In high-appreciation markets (Miami Beach, South Beach), long-term owners can pay a tiny fraction of what new buyers pay on identical properties

SOH Portability: When moving to a new Florida homestead, you can transfer your SOH benefit. The maximum transferable amount is $500,000. This makes moving within Florida much more tax-efficient than losing the benefit entirely.

New buyers' first-year exposure: If you buy a home on January 2, your SOH benefit doesn't start until January 1 of the following year — and the first year is based on the full purchase price assessment. Year two onward, increases are capped at 3%.

Investment Properties and Non-Homestead Tax Rates

Investment properties, vacation homes, and out-of-state owners do not qualify for the Homestead Exemption or Save Our Homes. They face:

• Full market value assessment (no $25,000–$50,000 exemption)
• Annual increases capped at 10% per year (vs 3% for homestead)
• In practice, this means investment property owners can see 10% assessed value increases each year — compounding significantly in rising markets

Rental properties with Florida residents as owners: Long-term rentals where the owner does NOT live in the property do not qualify for Homestead Exemption. Short-term rental (Airbnb, VRBO) properties definitely do not qualify.

Vacation homes for non-Florida residents: If your Florida home is not your primary residence, you pay full assessed value + no SOH cap. Many snowbirds (seasonal Florida residents) maintain their primary state's driver's license and voter registration — ensuring they DON'T trigger Florida homestead (which would be potentially fraudulent anyway if Florida isn't truly your primary residence).