Buying a home in Florida comes with some of the most homeowner-friendly tax benefits in the country, but it also comes with a few surprises, especially for first-time buyers or those relocating from out of state. Understanding how Florida’s property tax system works can help you budget smarter and avoid sticker shock after closing.
This guide breaks down the key takeaways from the Florida Department of Revenue’s official brochure for first-time homebuyers. You’ll also find a link to download the full PDF at the end of this post.
How Florida Property Taxes Work
Florida’s property taxes are based on your home’s just value, assessed value, and taxable value:
What makes this area special:
- Just Value: The market value of your home
- Assessed Value: The just value minus any assessment caps
- Taxable Value: The assessed value minus exemptions (like Homestead)
Each year, your county’s property appraiser assesses your home’s value as of January 1. You’ll receive a Notice of Proposed Property Taxes in August, and your actual tax bill arrives in October or November, due by March 31 of the following year.
Homestead Exemption: Save Up to $50,000
If your Florida home is your primary residence, you may qualify for the Homestead Exemption, which can reduce your taxable value by up to $50,000.
This exemption can significantly lower your annual property tax bill. You must own and occupy the home as of January 1 and apply by March 1 of that year.
“The homestead exemption can result in exempting up to $50,000 of your home’s assessed value from tax liability.”
— Florida Department of Revenue
This guide breaks down the key takeaways from the Florida Department of Revenue’s official brochure for first-time homebuyers. You’ll also find a link to download the full PDF at the end of this post.
Save Our Homes (SOH): Long-Term Tax Protection
Once your Homestead Exemption is in place, Florida’s Save Our Homes (SOH) cap limits how much your assessed value can increase each year — no more than 3%, even if your home’s market value rises faster.
This protects you from sudden spikes in property taxes and helps keep long-term homeownership affordable.
Why Your Taxes Might Be Higher Than the Seller’s
Many buyers are surprised when their first tax bill is higher than the previous owner’s. That’s because:
- When a home changes hands, the property is reassessed at full market value
- The previous owner’s exemptions and SOH cap do not transfer
- Your first tax bill may still reflect the seller’s exemptions if they haven’t paid yet
- Your own SOH cap won’t kick in until your second year of ownership
“Florida law requires the property appraiser to remove exemptions and reassess the property so the assessed value equals the just value.”
— Florida Department of Revenue
This is a key budgeting consideration — and one Team Allard helps every buyer understand before they make an offer.
Local Tip: Sarasota County Buyers
If you’re buying in Venice or Sarasota County, you can get a tax estimate directly from the Sarasota County Property Appraiser’s website. Team Allard can also help you estimate your future tax liability based on the home’s location, price, and exemption eligibility.
Download the Official Florida Property Tax Brochure
Want the full details straight from the source?
Download the official Florida Department of Revenue brochure: Download the PDF
This brochure includes examples, timelines, and contact info for your local property appraiser, tax collector, and clerk of court.