Property taxes
Homestead & Save Our Homes
Florida offers two powerful protections for the home you live in. The homestead exemption lowers your taxable value, and Save Our Homes limits how fast your assessed value can rise from year to year.
Both apply to your primary residence only, not second homes or rentals. For Orange County properties, you file with the Orange County Property Appraiser.
- The exemption. Up to $50,000 off your home's taxable value. The first $25,000 applies to all property taxes, and an additional $25,000 applies to non-school taxes on assessed value between $50,000 and $75,000.
- The deadline. You generally need to own the home and make it your permanent residence by January 1, then apply by March 1. Miss it and you wait a full year.
- The cap. Save Our Homes limits annual increases in assessed value to 3% or the change in the Consumer Price Index, whichever is lower.
- Moving within Florida? Portability can transfer up to $500,000 of accumulated Save Our Homes savings to your next homestead. Filing deadlines apply, so check with the property appraiser.
Monthly costs
HOA dues & CDD assessments
HOA
A homeowners association collects dues to maintain common areas and amenities and to enforce community rules. Dues, rules and rental policies vary widely by community.
CDD
A Community Development District is a special taxing district used to finance infrastructure like roads and drainage in many Florida master-planned communities. CDD assessments are separate from HOA dues and often appear on your annual tax bill.
Ask before you buy
- What do the HOA dues cover, and how often have they increased?
- What is the annual CDD assessment, and how many years remain?
- Are there special assessments, transfer fees or capital contributions?
- What are the rules on rentals, exterior changes, parking and pets?
Protecting your investment
Insurance, early
Homeowners insurance can be one of the largest monthly costs of owning in Florida, and it can change a home's real affordability. Get quotes before you go under contract, not after.
Roof age, construction type, location and claims history can all affect both price and availability.
- Windstorm coverage. Ask how wind and hurricane deductibles work, since they are often a percentage of the home's insured value.
- Flood coverage. Standard homeowners policies do not cover flood. Check the property's flood zone on FEMA's flood map and ask about flood insurance.
- Wind mitigation. A wind-mitigation inspection documents features like roof shape and window protection, and may qualify you for discounts.
- Older homes. Insurers may ask for roof, electrical, plumbing and HVAC inspections before offering coverage.
Be ready
Hurricane-season checklist
The Atlantic hurricane season runs from June 1 through November 30. Preparation is simpler when you start early.
Buying
- Ask about roof age and condition
- Look for impact windows or shutters
- Check flood zone and evacuation zone
- Allow extra time for inspections and insurance
Owning
- Review coverage and deductibles every year
- Photograph your home and belongings
- Keep key documents in a waterproof place
- Trim trees and secure outdoor items
Selling
- Plan showings around storm forecasts
- Keep inspection and repair records handy
- Be flexible on closing timelines
- Update photos after any storm damage
Plain English
Real estate glossary
- Pre-approval
- A lender's written estimate of how much you may be able to borrow, based on a review of your finances.
- Earnest money
- A good-faith deposit made with your offer, held by a neutral party and applied toward your purchase at closing.
- Contingency
- A condition in the contract, such as inspection or financing, that must be met for the sale to move forward.
- Appraisal
- An independent estimate of a home's value, usually required by the lender.
- Title insurance
- Insurance that protects against certain problems with the ownership history of a property.
- Closing disclosure
- A document that itemizes your final loan terms and closing costs, provided before closing.
- Homestead
- Your primary residence in Florida, which may qualify for property tax benefits when you file.
- Wind mitigation
- An inspection report that documents a home's storm-resistant features and may support insurance discounts.
Quick answers
Frequently asked
Who pays closing costs in Florida?
Costs are split according to the contract and local custom, and some are negotiable. Your closing agent provides an itemized statement before you sign.
Is a home inspection required?
Not by law for most purchases, but it is strongly recommended. Your contract typically sets a limited inspection period, so it is important to schedule promptly.
What happens to my earnest money?
It is held in escrow and applied toward your purchase at closing. If a contingency allows you to cancel within the contract terms, it may be returned. Review the contract details with your agent.
Can I buy an investment property?
Yes. Keep in mind that homestead benefits apply to primary residences only and lenders treat investment properties differently, so numbers matter even more.
This page is general information, not legal, tax, insurance or financial advice. Figures and rules change. Confirm current details with the Orange County Property Appraiser, your insurance agent, lender or attorney.
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