Home Exemption Basics: What First-Time Buyers Need to Know

Buying your first home is a milestone worth celebrating—and if you’re in Florida, you can make your new home even more affordable with a homestead exemption. Here’s a simple guide for first-time buyers to understand what the homestead exemption is, how it works, and how you can benefit.

What is a Homestead Exemption?

The homestead exemption is a property tax benefit for homeowners who make their Florida property their permanent residence. It reduces the taxable value of your home, which means you pay less in property taxes each year. For most homeowners, the exemption can lower the assessed value of your home by up to $50,000.

Who Qualifies?

• You must own and occupy the home as your primary residence as of January 1 of the tax year.
• You must be a permanent Florida resident.
• You cannot claim a homestead exemption on any other property.

How Do You Apply?

• Apply through your county property appraiser’s office—most have easy online applications.
• Submit proof of residency, such as a Florida driver’s license, voter registration, or utility bill.
• Apply by March 1st to get the exemption for that tax year.

Why Does It Matter?

• Lower Taxes: Save hundreds, sometimes thousands, of dollars every year.
• Assessment Cap: Your home’s assessed value can’t increase by more than 3% per year, protecting you from big jumps in property taxes.
• Extra Protection: The exemption can also provide some legal protections against creditors.

If you’re a first-time buyer, don’t miss out on this valuable benefit! Check with your local property appraiser, gather your documents, and apply early to start saving on your new home.