How Florida’s Homestead Exemption Provided Big Savings
Homeownership comes with many financial responsibilities, but Florida homeowners who claimed the homestead exemption in 2024 saw significant relief in their property tax bills. The median tax savings for homesteaded properties in South Florida was approximately $5,000. This exemption continues to be one of the best financial tools for residents looking to reduce their housing costs. Understanding how it works and how it benefited homeowners this year can help you take full advantage of these savings. Learn more about Florida homestead exemption tax savings 2024.
What is Florida’s Homestead Exemption?
Florida homestead exemption tax savings 2024 is a property tax break designed to reduce the taxable value of a homeowner’s primary residence. Homeowners can deduct up to $50,000 from their property’s assessed value, which directly lowers their tax bill. The first $25,000 applies to all property taxes, including school district taxes, while the additional $25,000 excludes school taxes and applies to assessed values between $50,000 and $75,000. This exemption is available to homeowners who establish their property as their permanent residence by the required deadline. Click here to learn more.
Save Our Homes Benefit Protects Against Rising Taxes
One of the biggest advantages of Florida homestead exemption tax savings 2024 is the Save Our Homes (SOH) provision. This law limits the annual increase of a home’s assessed value to 3% or the change in the Consumer Price Index (CPI), whichever is lower. In areas where property values rise rapidly, this cap prevents homeowners from facing massive increases in property taxes year after year. This was especially important in 2024, as home values continued to climb across South Florida. Click here for more details.
Portability Allows Homeowners to Transfer Their Tax Savings
If you sell your home and buy a new one in Florida, you don’t have to lose your tax savings. The portability provision allows homeowners to transfer up to $500,000 of their Save Our Homes benefit to a new homestead, as long as they establish it within three years of selling their previous home. This means that even if you move, you can continue to benefit from Florida homestead exemption tax savings 2024. Click here to check out Florida’s portability rules.
How Much Did South Florida Homeowners Save in 2024?
According to MIAMI REALTORS®, approximately 1.4 million homeowners in South Florida benefited from Florida homestead exemption tax savings 2024, with nearly 1 million residing in single-family homes. The median tax savings for homesteaded properties was about $5,000.
The median tax savings varied by county:
Miami-Dade County: $5,600
Broward County: $5,200
Palm Beach County: $4,800
Martin County: $4,400
St. Lucie County: $3,700
These savings were calculated by comparing median just (market) values to median assessed values and applying a 20% estimated millage rate. Click here to read the full MIAMI REALTORS® analysis.
High-Value Homes Benefited Even More
Luxury homeowners saw even larger tax reductions. In Miami-Dade’s Indian Creek, where the median single-family home value was $44.8 million, homeowners saved an average of $587,600. In Palm Beach, where the median home value was $10.2 million, the typical tax savings reached $118,800. These figures illustrate how Florida homestead exemption tax savings 2024 benefits both everyday homeowners and those in the high-end market.
Additional Exemptions for Eligible Homeowners
Beyond Florida homestead exemption tax savings 2024, Florida offers additional property tax relief for certain groups. Seniors with limited income, disabled individuals, veterans, and surviving spouses of first responders who died in the line of duty may qualify for further reductions or full exemptions. Each county provides its own additional exemptions, so it’s important to check with your local property appraiser’s office to see what you may be eligible for. Click here for more details.
Claim Your Tax Savings Today
If you haven’t already applied for Florida homestead exemption tax savings 2024, you could be missing out on thousands of dollars in tax savings. Understanding how the exemption works and ensuring that you take full advantage of portability and the Save Our Homes benefit can help you keep more money in your pocket.
If you need guidance on buying or selling property in Florida, I can help. Call me at 786-721-2381 or visit my website at Florida homestead exemption tax savings 2024 to learn more about how to make smart real estate decisions in South Florida.
