1. How it's calculated
Each county's property appraiser sets the just (market) value as of January 1. Taxable value is the assessed value minus exemptions, multiplied by the combined millage of the county, city, school board and special districts. In much of Miami-Dade and Broward the combined rate is roughly 1.6–2.2% of taxable value; Palm Beach is often somewhat lower. Non-ad valorem assessments (waste collection, special districts, CDDs) are added on top.
2. The purchase resets the assessment
Assessment caps belong to the owner, not the property. After you buy, the home is reassessed at market value the following January 1 — so if the seller had years of capped increases, your bill can be much higher than theirs. Estimate your tax from the purchase price, not from the listing's tax history.
3. Homestead exemption
If the property is your permanent residence on January 1 and you qualify (generally US citizens and permanent residents), you can apply by March 1 for the homestead exemption of up to $50,000: the first $25,000 applies to all taxes, and the second $25,000 applies to assessed value between $50,000 and $75,000 and does not reduce school taxes.
4. Save Our Homes cap and portability
For homesteaded property, annual increases in assessed value are capped at 3% or the change in CPI, whichever is lower. Non-homestead property has a 10% annual cap on non-school levies. When you move, you can generally transfer (port) up to $500,000 of your accumulated homestead benefit to a new Florida homestead within three years.
5. Paying the bill
Tax bills are mailed in November. Paying early earns a discount: 4% in November, 3% in December, 2% in January and 1% in February; the full amount is due by the end of March. Most lenders collect taxes monthly through escrow. Use the tax calculator to estimate your bill with and without homestead.
This guide is general information, not legal or tax advice. Laws and programs change — confirm details with a Florida attorney and a US tax professional.
