Florida Property Taxes, the Homestead Exemption, and Amendment 3 (2026)

How Florida's homestead exemption works today

Florida's homestead exemption reduces the taxable value of a home you own and occupy as your permanent residence. The base exemption is $25,000 and applies to all property taxes, including school-district levies. A second exemption of up to $25,000 applies to assessed value above $50,000 (the $50,000–$75,000 band under the base rule) and does not apply to school-district taxes (Florida Statutes s.196.031).

That second exemption is adjusted for inflation each year under a 2024 constitutional change (Amendment 5), while the base $25,000 is not. For the 2026 tax year the second exemption is worth $26,411, so a full-benefit homestead reduces its non-school taxable value by $51,411 and its school taxable value by $25,000.

Two dates control eligibility. You must hold title and make the home your permanent residence as of January 1 of the tax year. The statutory application deadline is March 1 — because March 1, 2026 fell on a Sunday, county appraisers used Monday, March 2 for the 2026 year. Once you file and are approved, the exemption renews automatically.

The exemption is not transferable from the prior owner, and HomeWise does not file or secure exemptions for you — you apply through your county property appraiser.

• Base $25,000 exemption: applies to all taxes, including school.
• Second exemption (2026): worth $26,411; applies to assessed value above $50,000; does not apply to school taxes.
• Eligibility fixed as of January 1; file by March 1 (March 2 in 2026).

Save Our Homes: the assessment cap and portability

Once a home receives the homestead exemption, the Save Our Homes (SOH) provision limits how much its assessed value can rise each year. Beginning the year after the exemption is granted, the annual increase cannot exceed the lower of 3% or the change in the Consumer Price Index. For the 2026 tax year the cap is 2.7%. The assessed value can never rise above the home's just (market) value.

Because market value usually climbs faster than the capped assessed value, a gap builds up over time. That accumulated difference between market value and assessed value is your SOH benefit, and it can lower your taxes substantially after several years of ownership.

When you move, portability lets you transfer some or all of that accumulated benefit from a prior Florida homestead to a new Florida homestead, up to a maximum of $500,000. If you buy a home worth as much or more than your old one, the full benefit can transfer; if you downsize, a proportional share transfers. You must establish homestead on the new home within three years of January 1 of the year you left the old one, and file Form DR-501T with your homestead application.

Portability applies only to owners moving between Florida homesteads. It does not help a first-time or out-of-state buyer, who starts at full market value.

• 2026 SOH cap: 2.7% (the lesser of 3% or CPI).
• Maximum portable benefit: $500,000.
• Three-tax-year window to re-establish homestead; file Form DR-501T.

Why a new buyer's tax bill usually jumps

When a Florida property changes ownership, state law requires the appraiser to remove the prior owner's exemptions and reassess the home to just (market) value, effective January 1 after the purchase. This is why the previous owner's Save Our Homes cap and homestead benefit do not carry over to you. The Florida Department of Revenue specifically warns that many first-time buyers are surprised when their bill is higher than the seller's or their neighbors'.

The practical lesson: do not budget from the seller's current tax bill. That bill may reflect years of accumulated SOH savings you will not inherit. The 3% cap also does not begin until the year after your first year of homestead, so your first full year is assessed at market value.

Estimate instead using taxable value times the millage (tax) rate. Apply the local millage rates to your expected reassessed taxable value (roughly your purchase price, minus any exemptions you will qualify for). The Department of Revenue advises buyers to ask the county property appraiser, a licensed real estate agent, or a mortgage lender, and notes many appraiser websites offer a location-based tax estimator.

Key dates: the appraiser assesses value as of January 1, mails a Notice of Proposed Property Taxes (TRIM) in August, the tax collector sends the bill in late October or November, and taxes are due by the following March 31.

How property tax flows through your mortgage escrow

Most Florida buyers pay property taxes monthly through a mortgage escrow (also called an impound) account. A portion of each mortgage payment goes into escrow, and your servicer pays the tax and homeowners insurance bills when they come due. Instead of one or two large bills a year, you send a steady monthly amount.

Because taxes and insurance premiums change from year to year, your servicer performs an annual escrow analysis and adjusts the escrow portion of your payment (as described by the Consumer Financial Protection Bureau).

This is where reassessment and payment shock meet. When your first post-purchase reassessment raises the tax bill, the escrow account can fall short, and the servicer raises your monthly payment to cover the shortfall and rebuild the balance. A buyer who budgeted from the seller's old bill can see the monthly payment rise noticeably in year two. Planning for the reassessed figure from the start avoids that surprise.

Amendment 3 on the November 2026 ballot: what it would change

Amendment 3 is a proposed constitutional amendment that Florida voters will decide at the November 3, 2026 general election. It comes from House Joint Resolution CS/HJR 1-F, which passed both chambers of the Legislature on June 2, 2026, and carries the ballot title “Save Our Homes from Excessive Property Taxes.” It is a proposal, not current law; every figure and date below is contingent on voter approval.

The measure would create a new homestead exemption on non-school property taxes for owner-occupied homes, layered on top of existing exemptions. It would exempt the first $150,000 of homestead value effective January 1, 2027, rising to $250,000 effective January 1, 2028, then indexed to inflation each year thereafter. The existing $25,000 school-district homestead exemption would be unchanged, because the new benefit applies only to non-school levies (city, county, and special-district taxes).

Amendment 3 would also lower the annual assessment-increase cap on non-homestead property, such as second homes and commercial property, from 10% to 5%, effective January 1, 2027. State analysts project a substantial reduction in local property-tax revenue, which is part of why the measure is debated. Passing requires 60% voter approval, the supermajority Florida requires for constitutional amendments.

A few cautions before treating any wording as final. The ballot title and summary have drawn legal challenges, so the exact wording could still be revised, though the measure remains on the ballot. Provisions describing a waiting period for people who newly establish Florida residency also differ between early sources. Check the current status and the enrolled resolution text before relying on specifics.

• New non-school homestead exemption: $150,000 (Jan. 1, 2027), rising to $250,000 (Jan. 1, 2028), then inflation-indexed.
• Existing $25,000 school-tax exemption unchanged; applies to non-school levies only.
• Non-homestead assessment cap cut from 10% to 5% (Jan. 1, 2027).
• Requires 60% voter approval on November 3, 2026 — still a proposal, not law.

Other exemptions a buyer may qualify for

Beyond the standard homestead exemption, Florida offers additional exemptions for specific circumstances. Widows, widowers, blind persons, and persons who are totally and permanently disabled each receive a $5,000 exemption (Florida Statutes s.196.202); the widow/widower exemption is not available to someone who has remarried.

Veterans have several benefits. An honorably discharged veteran with a service-connected disability of 10% or more receives an additional $5,000 exemption (s.196.24). A veteran with a service-connected total and permanent disability receives a full exemption from property taxes on the homestead (s.196.081), and an honorably discharged veteran age 65 or older who is partially or totally permanently disabled from a combat-related injury receives a tax discount equal to the disability rating percentage (s.196.082). Surviving spouses may carry certain of these benefits.

Seniors may qualify for a local-option exemption (s.196.075). Where a county or city has adopted it, homeowners age 65 or older whose household adjusted gross income does not exceed $38,686 for the 2026 tax year may receive an extra exemption of up to $50,000 against that jurisdiction's levies (never school taxes). A separate long-term-resident version may fully exempt qualifying seniors who have lived in the home at least 25 years where the home's just value is under $250,000.

Because senior and disability exemptions are local-option or have annually adjusted income limits, availability and exact figures vary by county. Confirm current-year details and eligibility with your county property appraiser.

• Widow/widower, blind, or totally and permanently disabled: $5,000 each.
• Veteran with 10%+ service-connected disability: additional $5,000; total and permanent disability: full exemption.
• Limited-income seniors 65+: up to $50,000 (2026 income limit $38,686); local option; non-school levies only.

Official sources and where to verify

This guide draws on Florida's primary property-tax sources. Always confirm current-year figures and your own eligibility with your county property appraiser.

• Florida Department of Revenue — Property Tax Information for Taxpayers
• Florida DOR — PT-107, Information for First-Time Florida Homebuyers (PDF)
• Florida DOR — Save Our Homes assessment cap (PDF)
• Florida DOR — PT-112, Save Our Homes portability transfer (PDF)
• Consumer Financial Protection Bureau — escrow / impound accounts
• Florida Senate — CS/HJR 1-F (the Amendment 3 resolution)
• Ballotpedia — Florida 2026 property-tax amendment (status and analysis)