If Delray Beach or Boca Raton is about to become your primary residence, Florida's homestead exemption and Save Our Homes cap are two of the most valuable things a new resident can claim — and both are easy to miss if nobody mentions them.
The homestead exemption
Florida homeowners can exempt a portion of their primary residence's assessed value from property taxes, which lowers the annual tax bill. It only applies to your permanent, primary home — not a second home or investment property — and you generally need to apply by a set deadline in the year you want it to take effect.
Save Our Homes
Once homesteaded, Florida caps how much your home's assessed value can increase each year for tax purposes, regardless of how much market values rise. Over years of ownership, this can create a significant gap between market value and taxable value — a real financial benefit for long-term owners.
What new residents often get wrong
Moving from a state without anything comparable, many relocation buyers don't realize they need to actively file for the exemption — it isn't automatic. Missing the deadline generally means waiting until the following year.
Frequently asked
Do I need to apply for the Florida homestead exemption myself? Yes, it's not automatic — new residents need to file with their county property appraiser after establishing the home as their permanent residence.
What does Save Our Homes actually protect against? It caps the annual increase in your home's assessed value for tax purposes, which can meaningfully limit tax increases even as market values rise.
Moving to Florida and want the full picture before you buy? Browse the coastal luxury home search or call Damara Cohn, Broker, at (561) 637-4559.