Understanding your property taxes: Save Our Homes, portability, and Homestead Exemption

The Save Our Homes Act limits annual increases in assessed value of homesteaded properties to 3% or CPI, protecting homeowners from steep tax hikes. Portability lets homeowners transfer up to $500,000 of this benefit to a new Florida home, reducing its taxable value. The Homestead Exemption further lowers taxable value by exempting the first $25,000 and possibly more. These provisions promote fair, stable property taxation.