Navigating Property Taxes in Florida: What You Need to Know About Homestead and Portability

KerryAnn Rainey • February 23, 2023

Property Taxes in Florida: Understanding Homestead and Portability


As a homeowner in Florida, it's easy to get lost in the daily hustle and forget about the responsibilities that come with it. One of the most critical obligations is paying property taxes, but did you know that neglecting to protect your homestead exemption could cost you thousands of dollars? 


Local governments, including counties, municipalities, and school districts, rely on property taxes as a crucial source of funding. Unfortunately, homeowners who fail to understand the significance of homestead and portability are often caught off guard and forced to pay more in taxes. In this article, we'll reveal how neglecting your homestead exemption could put you in financial jeopardy and show you how to protect your investment.


Homestead Exemption


The homestead exemption is a tax benefit available to Florida homeowners who use their property as their primary residence. It exempts up to $50,000 of the assessed value of the property from taxation, which can result in significant tax savings. We recently had one client who saw a $1500 increase in their annual taxes. This was a 227% increase compared to what the previous owner was paying. After applying for homestead, we are estimating savings of around $1000 a year. Over 30 years, the homestead exemption can really add up.


To qualify for the homestead exemption, you must meet certain eligibility requirements, such as owning the property as of January 1st of the tax year, using the property as your primary residence, and being a permanent resident of Florida. You must also apply for the exemption with the local property appraiser's office. As a realtor, I wish I could just do this for my clients. Unfortunately, new buyers have to do the paperwork themselves.


The homestead exemption has several benefits for homeowners. For one, it helps to reduce the amount of property taxes owed, as noted above. Additionally, the homestead exemption can protect homeowners from certain types of creditors, as the exemption provides a degree of protection against forced sale of a homestead property. Furthermore, the homestead exemption can provide some additional tax savings for seniors, as well as provide a stepping-stone to portability.


Portability


Portability is a provision in Florida law that allows homeowners to transfer a portion of their accumulated homestead exemption benefit from one property to another. Specifically, it will enable homeowners to transfer up to $500,000 of the Save Our Homes (SOH) benefit to a new property, which can help reduce the property taxes owed on the new property.


The SOH benefit is the difference between the market value of a home and its assessed value for tax purposes. Under Florida law, the assessed value of a homestead property can increase by no more than 3% per year, even if the market value of the property increases at a faster rate. This helps to protect homeowners from large property tax increases. However, if a homeowner sells their homestead property and purchases a new one, the SOH benefit is lost, and the new property will be assessed at its current market value, which can result in a higher tax bill.


SOH Benefit


Portability allows homeowners to transfer a portion of their SOH benefit to the new property, which can help reduce the property tax liability. It's important to note that there are certain requirements and limitations to portability, and the exact amount of the benefit that can be transferred will depend on a variety of factors, including the market value of the new property and the amount of the SOH benefit that was accumulated on the previous property.


As a homeowner in Florida, understanding property taxes is an important part of owning and maintaining your home. The homestead exemption and portability are two key provisions that can help you reduce your property tax liability and protect your home from certain types of creditors. If you have any questions about property taxes, including homestead and portability, contact your local property appraiser's office for more information.


If you're a homeowner in Florida and have questions about property taxes, or if you're thinking of buying or selling a home and want to know more about homestead and portability, contact Fuller House Real Estate at 727-470-9373 or go to our contact page. 


Our experienced real estate professionals are here to help you navigate the complex world of property taxes and real estate transactions, and we're committed to providing our clients with top-notch service and personalized attention. Don't hesitate to reach out to us for all your real estate needs!

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Discover Timber Pines: A Resort-Style Retirement Community in Spring Hill

By KerryAnn Rainey • June 2, 2025
Life at Timber Pines: A Premier 55+ Golf Community in Spring Hill, Florida  Located along Florida’s picturesque Nature Coast, Timber Pines is one of the most sought-after active adult communities in the state. Known for its scenic setting, robust amenities, and strong sense of community, Timber Pines offers residents an exceptional quality of life. This gated, member-owned, debt-free community spans over 1,400 acres and caters exclusively to adults aged 55 and older. Whether you’re seeking a relaxing lifestyle, an active social calendar, or world-class golf facilities, Timber Pines offers all of this and more in a beautifully maintained setting. Resort-Style Living for Active Adults At the heart of Timber Pines is its outstanding array of recreational and social amenities. Residents enjoy access to four distinct golf courses comprising a total of 63 holes—an extraordinary offering for any golf enthusiast. The Grand Pines championship course offers a traditional 18-hole layout, while The Hills and The Lakes provide two additional 18-hole executive courses. The Highlands, a 9-hole par-3 pitch and putt course, is ideal for beginners or those looking to sharpen their short game. In addition to golf, Timber Pines features eight lighted tennis courts, bocce and shuffleboard courts, horseshoe pits, and two resort-style outdoor pools. A well-equipped fitness and wellness center, walking and biking paths, a woodworking shop, and numerous hobby and special interest clubs provide residents with endless opportunities to stay active and engaged. Cultural and social life is also vibrant within the community. The Performing Arts Center hosts concerts, plays, and lectures, while the Lodge and Resident Activities Center offer daily events, classes, and clubs. Country club dining and social gatherings further enrich the communal atmosphere that Timber Pines is known for. Featured Property: 8041 Green Pines Terrace One of the community’s standout properties is currently available for sale at 8041 Green Pines Terrace , a charming 2-bedroom, 2-bathroom villa offering over 1,800 square feet of well-designed living space. Built in 1994 and situated on a peaceful cul-de-sac, this home features vaulted ceilings, an open floor plan, and durable tile and laminate flooring throughout. It is designed for comfort, low maintenance, and easy entertaining. The property’s mature landscaping is maintained by the homeowners’ association, ensuring the surroundings remain pristine year-round. With spacious interiors, thoughtful design elements, and close proximity to Timber Pines’ extensive amenities, this home is ideally suited for buyers looking to enjoy an active and carefree lifestyle. To learn more or schedule a private showing, please visit the property listing here. Learn More About Timber Pines Timber Pines is more than just a neighborhood—it’s a vibrant, well-established community built for those ready to embrace the best years of their life. With its strong financial foundation, exceptional amenities, and tranquil natural setting, Timber Pines remains one of Florida’s most desirable 55+ communities. To explore homes currently available or to schedule a private tour of 8041 Green Pines Terrace, contact Fuller House Real Estate today. We’re here to help you find the perfect home and lifestyle that fit your next chapter. For more details about the community, visit the official Timber Pines website .

Unlocking Success: 10 Key Questions Home Sellers Must Ask Before Listing

By KerryAnn Rainey • November 20, 2023
Selling your home is a significant undertaking, and while the prospect of a new chapter is exciting, it comes with its fair share of questions. Whether you're a seasoned seller or a first-timer, having the right information is crucial for a successful home-selling journey. Let's delve into the 10 key questions that home sellers often ask when preparing to sell their cherished abode. 1. What is My Home Worth? Unlocking the mystery of your home's value is the first step in the selling process. Reach out to a real estate agent for a Comparative Market Analysis (CMA) to get a clear picture of your home's market value. This will guide you in setting a competitive and realistic listing price. 2. How Can I Boost Curb Appeal? First impressions matter, especially in real estate. Ask about ways to enhance your home's curb appeal. Simple landscaping, exterior repairs, and a fresh coat of paint can make a world of difference in attracting potential buyers. 3. To Renovate or Not to Renovate? The renovation dilemma is real. Consult with professionals to determine which repairs or renovations are worth the investment. Strategic improvements can add value and make your home more appealing to prospective buyers. 4. What Documents Do I Need? Paperwork is a necessary evil. Compile essential documents, such as property records, warranties, and utility bills, to streamline the selling process. Being organized from the start sets the stage for a smoother transaction. 5. How Can I Stage My Home Effectively? Staging transforms a house into a home. Seek advice on presenting your home in the best light. Decluttering, rearranging furniture, and creating a warm atmosphere can make a lasting impression on potential buyers. 6. When is the Best Time to Sell? Timing is everything in real estate. Understand the market trends, seasonal fluctuations, and local factors that can influence the timing of your listing. Knowing when to make your move can significantly impact your selling success. 7. How Do I Navigate Negotiations and Offers? Negotiating is an art. Arm yourself with knowledge on how to handle negotiations and evaluate offers. A seasoned real estate professional can guide you through the process, ensuring you make informed decisions. 8. What Costs Should I Expect? Selling comes with a price. Inquire about the various costs associated with selling your home, from agent commissions to closing costs and potential repairs. Knowing the financial landscape prepares you for a seamless transaction. 9. How Can I Market My Home Effectively? Marketing is the key to visibility. Explore the best strategies for marketing your property, including online listings, open houses, and social media promotion. A well-thought-out marketing plan can attract the right buyers to your doorstep. 10. What Happens During the Closing Process? Closing is the finish line. Understand the ins and outs of the closing process, from the necessary paperwork to what to expect on the final day. Having a clear roadmap to the closing table ensures a smooth transition from seller to the next proud homeowner. Selling your home involves careful consideration and strategic planning. By asking the 10 key questions outlined in this blog post, you empower yourself to make informed decisions, setting the stage for a successful home-selling experience. Whether you're bidding farewell to your first home or parting ways with an investment property, the right knowledge is your best ally in this exciting endeavor.  Ready to embark on your home-selling adventure? At Fuller House Real Estate, we're here to guide you every step of the way. Our experienced team is dedicated to making your selling journey seamless and successful. Contact us today to schedule a personalized consultation. Let's turn your home-selling dreams into a reality! Thank you for trusting Fuller House Real Estate with your home-selling journey. We look forward to assisting you in achieving your real estate goals. To contact Fuller House Real Estate, please call 727-470-9373 , or visit the website at FullerHouseRE.com .
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