Buying a home in Palm Beach and planning to make Florida your primary residence? The Florida homestead exemption can lower your property taxes and protect your assessed value from big jumps over time. When you are juggling closing dates, moving plans, and residency steps, clear guidance helps. In this guide, you will learn eligibility basics, key deadlines, how Save Our Homes and portability work, and simple examples so you can plan with confidence. Let’s dive in.
What the homestead exemption does
The Florida homestead exemption reduces the taxable assessed value of your primary residence. That usually lowers your property tax bill. You also get protection from rapid increases through the Save Our Homes assessment limitation. Together, these benefits often mean you pay taxes on a lower assessed value and see smaller year-to-year increases than market appreciation.
Two parts to remember:
- The homestead exemption is a deduction from assessed value on your primary residence.
- Save Our Homes (SOH) limits how much your assessed value can increase each year on a homesteaded property.
For official rules and updates, review Florida guidance from the Florida Department of Revenue and state statutes in Chapter 196.
Who qualifies in Palm Beach
To qualify, you must meet statewide rules that Palm Beach County follows:
- Primary residence: You must occupy the home as your permanent, primary residence as of January 1 of the tax year.
- Ownership: Your name must be on the deed as of January 1 of the tax year.
- One homestead only: You may claim only one homestead exemption at a time.
- Continuation: Once granted, your exemption generally renews each year unless there is a change in ownership or residency.
- Additional exemptions: Some owners may qualify for other exemptions, such as senior, disability, widow or widower, and veteran. These have separate rules and may require extra documentation.
For current guidance, forms, and local administration, the Palm Beach County Property Appraiser manages applications and eligibility.
How and when to file
Key dates:
- January 1: You must both own and occupy the home as your permanent residence on this date to qualify for that tax year.
- March 1: This is the usual deadline to file your initial application for that year. If you buy and occupy after January 1, you typically apply for the next tax year.
You apply through the Palm Beach County Property Appraiser, not the Tax Collector. The Property Appraiser accepts applications online, by mail, or in person and lists the current documentation requirements. Typical documents include proof of ownership and proof of Florida residency and intent to make the property your permanent home, such as a Florida driver’s license or ID, voter registration, vehicle registration, and a recent utility bill. You may also be asked to provide Social Security numbers for owner(s).
Once approved, most homestead exemptions auto-renew each year. Some special exemptions may require periodic recertification. For billing and payment questions, visit the Palm Beach County Tax Collector.
Save Our Homes and portability
Save Our Homes cap
Save Our Homes limits how much your homesteaded property’s assessed value can increase each year. The cap is commonly the lesser of 3 percent or the change in the Consumer Price Index. This means your assessed value can lag behind market value during rapid appreciation. The result is a lower assessed value than market value, which can reduce taxes over time.
For current cap details, review the Florida Department of Revenue property tax guidance.
Portability when you move
Portability lets you transfer some or all of your Save Our Homes benefit to a new Florida homestead. The benefit is the difference between your prior home’s market value and its SOH-limited assessed value. Transferring this benefit can reduce the assessed value on your next primary residence, which can lower taxes.
Portability usually requires a separate application and adherence to filing deadlines. Since limits and forms can change, confirm the current process with the Palm Beach County Property Appraiser and the Florida Department of Revenue.
How savings are calculated
Here is the typical flow:
- The Property Appraiser sets your assessed value.
- Apply the homestead exemption(s) to reduce the assessed value.
- Apply local millage rates to the reduced taxable value to calculate taxes.
- If Save Our Homes applies, it limits how much the assessed value can rise each year.
Two quick, simplified examples for illustration only:
- Example A: Market value is 300,000 dollars. If a 50,000 dollar homestead exemption applies, the taxable assessed value becomes 250,000 dollars before millage rates and any other adjustments.
- Example B: Last year your assessed value was 500,000 dollars and the market value rose to 575,000 dollars. With Save Our Homes, your assessed value increase is limited by the cap, for example to about 3 percent, which would be 515,000 dollars. If eligible, the homestead exemption then reduces that assessed value, lowering the taxable amount before millage is applied.
Your actual savings depend on local millage rates, any additional exemptions, and whether Save Our Homes has created a gap between market and assessed value. For county-specific calculation details, start with the Palm Beach County Property Appraiser.
Palm Beach buyer checklist
Use this simple checklist to stay on track.
Before you move in
- Know the January 1 ownership and occupancy rule for the tax year you want.
Within the filing window
- Visit the Palm Beach County Property Appraiser to get the homestead application and current instructions.
- Gather documents: recorded deed, Florida driver’s license or state ID, Florida voter registration, vehicle registration, and a utility bill showing service at the property address.
- Submit your application by March 1, online or in person as allowed.
After approval
- Keep records that show your primary residence, such as voter registration, driver’s license, and utilities.
- If you plan to move within Florida, review portability rules so you can transfer the Save Our Homes benefit.
- For complex ownership or partial rental situations, consult the Property Appraiser or a tax professional.
Common pitfalls to avoid
- Missing the March 1 filing deadline for your first year of eligibility.
- Assuming a second home or investment property qualifies. Non-homesteaded property does not receive these protections.
- Claiming multiple homesteads at once. You may claim only one primary residence.
- Forgetting to update your exemption when ownership or occupancy changes.
- Moving within Florida and not filing for portability on time.
When in doubt, confirm with the Palm Beach County Property Appraiser and review Florida’s rules through the Department of Revenue and Chapter 196 statutes.
Resources
- Palm Beach County forms, online application, and eligibility: visit the Palm Beach County Property Appraiser.
- Bills, payments, and receipts: check the Palm Beach County Tax Collector.
- Statewide homestead, Save Our Homes, and portability guidance: the Florida Department of Revenue.
- Statutory references for property tax exemptions: Florida Chapter 196.
Planning your Palm Beach purchase with the homestead timeline in mind can help you secure lower taxes and long-term assessment protections. If you want to align your closing and move-in with residency rules, or you are selling and need help explaining homestead and portability to buyers, reach out to the local team that makes it simple. Connect with Thalia & Kassandra to schedule a free consultation.
FAQs
When do I qualify after buying a house in Palm Beach?
- You qualify when you both own and occupy the home as your permanent residence on January 1 of the tax year, then file by the March 1 county deadline.
Can I transfer my Save Our Homes benefit when moving within Florida?
- Yes. Portability lets you move some or all of your SOH benefit to a new Florida homestead, subject to application requirements and deadlines set by the state and county.
Can two owners claim separate homestead exemptions on one Palm Beach property?
- No. A property receives one homestead exemption as a primary residence. Certain additional exemptions may apply to individuals who qualify.
Does the Florida homestead exemption lower my tax rate in Palm Beach County?
- No. The exemption lowers your taxable assessed value, not the millage rate. Lower taxable value usually results in a lower tax bill.
If I rent out part of my Palm Beach home, do I keep my homestead?
- It depends. Primary residence and use rules apply, and partial rentals can affect eligibility. Contact the Property Appraiser for guidance on your specific setup.
