Property Taxes & Homestead Exemption
How Florida property taxes and the homestead exemption work for condo owners.
What It Means
Florida property taxes are set locally, based on the county’s assessed value and each municipality’s millage rate. Florida’s homestead exemption reduces the taxable value of a primary residence and caps how much the assessed value can increase each year (known as “Save Our Homes”) — but it only applies to an owner-occupied primary residence, not a second home or investment condo.
Key Things to Know
- You must file for the homestead exemption with the county property appraiser, typically by March 1 of the year after you establish residency.
- Non-homesteaded properties (second homes, investment condos) can see assessed value rise up to 10% per year under a separate cap, rather than the lower cap homesteaded properties get.
- Property tax bills often reset to full current market value the year after a sale — don’t assume the current owner’s tax bill will carry over to you.
- Ask for an estimate of your actual first-year tax bill before you buy, not just the seller’s current bill.
Why It Matters to Buyers
A big gap between the current owner’s tax bill and your likely first-year bill can meaningfully change your monthly cost of ownership. This is general information, not tax advice — consult the county property appraiser’s office or a tax professional for guidance specific to your situation.
Related Reading
Property taxes are just one line item in your overall closing and ownership costs, alongside insurance requirements that have risen sharply in Florida recently. See our buyer’s guide for the full cost picture, or our seller’s guide if you’re weighing a sale and the tax implications that come with it.
