If you buy a home in Florida and make it your permanent residence, you can cut your taxable value and lock in a cap that protects you as values climb. It is one of the most valuable benefits of owning here, and it is free to claim. Many new residents miss the deadline in their first year and leave real money on the table. This guide makes sure you do not.
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Download the PDFHow much you actually save
The homestead exemption reduces the taxable value of your primary residence by up to $50,000, split into two parts:
- The first $25,000 applies to all taxing authorities, including school taxes
- The second $25,000 applies to assessed value between $50,000 and $75,000, and does not apply to school taxes
As of 2025, that second portion adjusts each year for inflation under Amendment 5, which Florida voters approved in November 2024. So the total exemption value has grown slightly:
| Tax year | Total exemption value |
|---|---|
| 2025 | $50,722 |
| 2026 | $51,411 |
The exemption lowers taxable value, not your tax bill dollar for dollar, so the real savings depend on your local millage rate. The bigger long-term win is the cap that comes with it.
Save Our Homes, the 3 percent cap
Once your property is homesteaded, the Save Our Homes cap limits how much your assessed value can rise each year to 3 percent or the change in the Consumer Price Index, whichever is lower. Market value can jump 10 or 15 percent in a hot Ocala year, but your capped assessed value cannot follow it up that fast.
Over five or ten years, that gap between market value and capped value can become the single largest tax benefit you own. It is also why long-time homeowners often pay far less than a neighbor who just bought an identical house.
When you sell and buy another Florida homestead, you may be able to transfer your accumulated Save Our Homes savings, up to $500,000, to the new home. There is a filing window and specific math, so ask the Marion County Property Appraiser about current portability rules when you move.
Who qualifies and the March 1 deadline
To claim the exemption for a given tax year, you must:
- Hold title to the property
- Occupy it as your permanent residence as of January 1 of that year
- File by March 1 of that year
Miss March 1 and you generally wait until the next year. If you closed on your Ocala home in the second half of the year, put the deadline on your calendar now so you claim it as soon as you are eligible.
How to file in Marion County
- Confirm the home is your permanent residence. This is for your primary home, not a rental or second home.
- Gather proof of residency. Typically a Florida driver license or ID, Florida vehicle registration, and voter registration at the property address, plus your recorded deed.
- File with the Marion County Property Appraiser. You can usually file online or in person. You file once; it renews automatically each year as long as you keep the home as your residence.
- Watch for confirmation and review your next TRIM notice in August to confirm the exemption applied.
Additional exemptions you may qualify for
On top of the standard homestead exemption, Florida offers extra reductions for certain homeowners. These have their own eligibility rules and sometimes income limits, so verify with the property appraiser:
- Additional exemptions for widows and widowers, and for legally blind or totally disabled residents
- Exemptions for disabled veterans, with a full exemption available for those who are totally and permanently disabled from service
- An additional senior exemption for qualifying residents 65 and older within income limits, in participating jurisdictions
- Relief for surviving spouses of first responders and military members who died in the line of duty
Common ways people forfeit the exemption
- Renting the home out, which can jeopardize its homestead status
- Moving your permanent residence elsewhere without updating records
- Claiming a residency-based tax benefit in another state at the same time
If your situation changes, tell the property appraiser. Keeping an exemption you no longer qualify for can lead to back taxes and penalties.
Buying in Ocala this year?
I give every client a homestead and deadline checklist at closing so nothing slips. Send the keyword and I will make sure you claim every benefit you are entitled to.
DM HOMESTEAD DM the word HOMESTEAD to @gonzalez.realtor on InstagramHomestead exemption FAQ
Do I have to refile every year?
No. Once granted, the exemption renews automatically as long as the home remains your permanent residence and your circumstances do not change.
Does homestead lower my mortgage payment?
Indirectly. A lower tax bill can lower the escrow portion of your monthly payment over time, though escrow adjusts on its own schedule.
I bought a new construction home. When can I file?
You claim it for the first year in which you own and permanently reside in the home as of January 1, filing by March 1 of that year. If you close and move in late in the year, you file the following year.