Florida Homestead Exemption: What New Homeowners Need to File by March 1

If you purchased a home in Florida recently or relocated to the Florida Keys January is one of the most important months to take action as a homeowner. The Florida Homestead Exemption can significantly reduce your property taxes, but only if you file on time. The deadline to apply is March 1, and missing it can cost you thousands over time.

This guide explains what the Homestead Exemption is, who qualifies, how to file, and why it’s especially important for new homeowners in the Keys.

What Is the Florida Homestead Exemption?

The Florida Homestead Exemption is a property tax benefit for Florida residents who make their home their primary, permanent residence. It can:

• Reduce the taxable value of your home by up to $50,000

• Limit annual increases in assessed value through the Save Our Homes cap

• Offer added protections against certain creditors

For homeowners in high-value markets like the Florida Keys, this exemption can make a meaningful difference in annual ownership costs.

Who Should Apply?

You should apply for the Homestead Exemption if:

• You own a Florida property as of January 1

• The property is your primary residence

• You intend to live there permanently

• You are a U.S. citizen or permanent resident (or otherwise legally eligible)

This is especially relevant for:

• Recent homebuyers

• Buyers relocating from another state

• First-time Florida residents

• Retirees establishing Florida residency

Second homes and investment properties do not qualify.

Why the March 1 Deadline Matters

Florida law requires homeowners to file by March 1 to receive the exemption for that tax year. Filing late generally means:

• No exemption for the current year

• Higher taxable value

• Missed opportunity to lock in future tax savings

January is the ideal time to apply early filing avoids delays and ensures everything is in place well before the deadline.

What You’ll Need to File

While requirements vary slightly by county, most homeowners will need:

• A Florida driver’s license (or intent to obtain one)

• Florida vehicle registration (if applicable)

• Voter registration or declaration of domicile

• Social Security number

• Proof of residency for you and your spouse (if applicable)

Many counties allow online filing, making the process straightforward if documents are ready.

Why This Is Especially Important in the Florida Keys

Property values in the Keys are significantly higher than many parts of Florida. That means:

• Taxable value reductions can result in substantial annual savings

• The Save Our Homes cap becomes more valuable over time

• Filing promptly protects you from sharp increases in future assessments

For buyers relocating from states with higher taxes, this exemption is often a key part of the financial appeal of Florida living.

Common Mistakes New Homeowners Make

• Assuming the exemption transfers automatically from the previous owner

• Missing the March 1 deadline

• Waiting until the first tax bill arrives to ask questions

• Not updating residency documents in time

The Homestead Exemption is not automatic each new owner must apply.

If you bought a home in Florida and plan to make it your primary residence, filing for the Homestead Exemption by March 1 is one of the most important steps you can take as a new homeowner. January is the perfect time to handle it before deadlines, paperwork, and busy schedules get in the way.

If you’re unsure whether you qualify, recently relocated, or want guidance on next steps as a new homeowner in the Florida Keys, getting clarity now can save you money and stress for years to come.