If you own your home and it is your permanent residence as of January 1, Florida's homestead exemption can cut your taxable value by up to roughly $50,000 and, more importantly, cap how fast your assessment can grow. unverified
The exemption itself. The first $25,000 of assessed value is exempt from all property taxes, including school taxes. An additional exemption of up to $25,000 applies to assessed value above $50,000, but not against school district taxes. Since 2025, that additional exemption is adjusted upward annually for inflation (CPI) when the change is positive. unverified
How to file. Apply with the Pinellas County Property Appraiser (pcpao.gov), which accepts online filing, using Form DR-501. The deadline is March 1 of the tax year, and you must have owned and made the home your permanent residence by January 1. First-time filers should have Social Security numbers for applicants, and be ready with residency evidence such as a Florida driver license, voter registration, or vehicle registration. You lose the exemption if the home is rented out, stops being your permanent home, or you cease Florida residency.
Save Our Homes. Once homesteaded, FS 193.155 caps annual increases in your assessed value at 3% or the CPI change, whichever is lower. Over years of rising markets this cap creates a large gap between market value and assessed value. The cap resets to full market value when ownership changes (with exceptions such as transfers between spouses). unverified
Portability. Moving within Florida? You can transfer (port) some or all of your Save Our Homes benefit to a new homestead if you held the exemption in one of the prior 3 tax years. The transferred reduction is capped at $500,000, calculated proportionally when downsizing. File the portability form (DR-501T) along with the new homestead application. unverified
Watch out for. Renting a homesteaded property (including as a short-term rental) can forfeit the exemption and trigger back taxes, penalties, and interest. If the Property Appraiser denies your application, you can petition the Value Adjustment Board. Additional exemptions exist for seniors, widows/widowers, veterans, and people with disabilities; the Property Appraiser's office can screen you for all of them in one visit.