Florida Homestead Exemption And Portability: Palm Beach Guide

Thinking about buying in Loxahatchee or moving across Palm Beach County and worried about property taxes? You are not alone. Florida’s Homestead Exemption, the Save Our Homes cap, and portability can lower your taxable value and help you plan your next move with confidence. In this guide, you will learn how each piece works, who qualifies, how to file in Palm Beach County, and what it means for your budget and timeline. Let’s dive in.

Florida Homestead Exemption basics

Florida’s homestead rules are designed to protect your primary residence and reduce your taxable assessed value for property taxes. When you claim homestead on a property you own and occupy as your permanent residence, the county reduces your taxable value, which may lower your annual tax bill.

The program is commonly described as providing up to $50,000 in assessment reductions. How those reductions apply to different parts of your tax bill is set in Florida statute, and the actual dollar savings depend on local millage rates in Palm Beach County.

Beyond tax savings, Florida’s homestead also provides constitutional protections for your primary residence. Your tangible tax savings begin once your homestead is approved and applied to your assessed value for the tax year.

Save Our Homes cap explained

Save Our Homes, often called SOH, limits how much your homesteaded property’s assessed value can rise each year. After your homestead is set, the assessed value in future years can only increase by a fixed percentage or the Consumer Price Index change, whichever is lower.

Over time, this cap can create a gap between market value and assessed value, known as the SOH benefit. Many long-time homesteaded owners pay taxes on an assessed value that is far below current market value, which helps stabilize annual tax costs when the market climbs.

What portability means

Portability lets you transfer some or all of your SOH benefit from your old Florida homestead to your new Florida homestead. If you have built up a large difference between market and assessed value on your current home, portability can bring part of that benefit to your next primary residence, lowering the new home’s taxable assessed value.

There is a statutory maximum on how much of the SOH benefit you can transfer. The property appraiser calculates the eligible amount and applies it to your new homestead, subject to the cap.

Who qualifies and when to file

To claim a homestead exemption, you must:

• Own a legal or beneficial interest in the property.
• Occupy it as your permanent residence as of January 1 of the tax year.
• Be a Florida resident and provide acceptable proof.
• Claim only one homestead at a time.

The annual filing deadline is typically March 1 for the tax year. If you closed after January 1, you generally file by March 1 of the following year for the next tax cycle. If you are moving from one Florida homestead to another, you usually request portability when you apply for homestead on the new property. Some counties may accept late applications in limited cases, but you should plan to file by the deadline.

Loxahatchee and Palm Beach County steps

Loxahatchee is in unincorporated western Palm Beach County, so you follow Palm Beach County procedures. The Property Appraiser handles exemptions and assessed values, while the Tax Collector issues and collects tax bills.

What to gather before applying

• Proof of ownership, such as a recorded deed or closing statement.
• Florida driver’s license or Florida ID with your Palm Beach County address, plus additional proof if needed.
• Social Security numbers for all owners listed on the application.
• Prior homestead details if requesting portability, including the prior address, county, and dates.
• Any documents for additional exemptions you may qualify for, such as veteran or disability exemptions.

How to file in Palm Beach County

1. Confirm eligibility and collect documents. Ensure you intend to occupy the property as your permanent residence as of January 1 for the tax year you are filing.

2. Mark your calendar for the county deadline, typically March 1. If you bought or moved in last year, plan to file by March 1 of this year for your next tax bill.

3. Apply with the Palm Beach County Property Appraiser. Many applicants can file online, or you can submit in person or by mail following county instructions. On your application, indicate if you want to transfer your prior SOH benefit and provide the prior homestead information.

4. Follow up as needed. The Property Appraiser will review your filing, request additional documentation if needed, and set your assessed value. The Tax Collector will issue your bill based on the final assessment according to the county schedule.

5. If moving from another Florida county, the Property Appraiser typically obtains prior SOH data electronically. If an extra release is needed, follow the county’s instructions to ensure that information is available for your portability calculation.

How this affects your buy or sell plan

Understanding how homestead, SOH, and portability work can help you set your budget, choose timing, and plan for long-term tax savings.

First-time buyers in Loxahatchee

If this will be your primary residence, filing for homestead reduces your taxable assessed value and gives you SOH protection going forward. That can lower carrying costs compared with a non-homesteaded property.

Make sure you have evidence of Florida residency and apply by the March 1 deadline to capture benefits for the coming tax year. If you miss the window, you may wait an extra year for the exemption to take effect.

Move-up sellers staying in Florida

If you are selling a homesteaded property and buying another Florida home, portability can help preserve a lower assessed value on your next residence. This can be a meaningful part of your monthly budget.

Illustrative example: If your current home’s market value is $500,000 and its assessed value is $350,000 due to SOH, your SOH benefit is $150,000. If you can transfer the full $150,000, subject to the statutory cap, that amount would reduce the taxable assessed value of your new homestead. Actual calculations and caps apply, and the Property Appraiser determines the transferable amount.

Timing matters. To preserve portability, apply for homestead and request the transfer when you file on the new property. Waiting too long or failing to include your prior homestead details can put the transfer at risk.

Is portability right for you?

• Compare home prices. Moving to a much higher-priced home may reduce the percentage impact, but the transferred benefit can still lower your bill.
• Consider local millage rates. Your dollar savings depend on how Palm Beach County’s rates apply to the reduced assessed value.
• Factor in caps and other exemptions. The transfer is subject to a maximum, and additional exemptions can affect your total savings. The Property Appraiser can explain how these pieces fit your situation.

Quick checklists

Buyer pre-closing checklist

• Plan to occupy the home as your primary residence as of January 1 for the tax year.
• Keep your closing documents and recorded deed.
• Update or obtain a Florida driver’s license or Florida ID that matches the property address, or gather alternate proof of residency.
• Collect Social Security numbers for all owners.
• If you plan to request portability, gather your prior Florida homestead address, county, and closing date.
• Add the March 1 filing deadline to your calendar and verify with the Palm Beach County Property Appraiser.

Seller pre-listing checklist

• Estimate your SOH benefit, the difference between market value and assessed value on your current homestead.
• If buying another Florida home, plan to request portability when you file for homestead on the new property.
• Keep records of sale and purchase closing dates, you will need them when you apply.

Local offices and help

• Palm Beach County Property Appraiser: Handles homestead exemption, SOH, portability, applications, and assessed values.
• Palm Beach County Tax Collector: Sends and collects property tax bills, schedules, and payment options.
• Florida Department of Revenue: State-level guidance on Save Our Homes, homestead, and portability, plus statewide calculators and forms.

These agencies provide the most current forms, timelines, and instructions. For complex situations, such as trusts or multiple owners, consider speaking with a local attorney or tax advisor.

Your next step

If you are planning a move to or within Loxahatchee, getting your homestead and portability plan right can save you time and money. You deserve a guide who understands Palm Beach County processes and how they affect your budget, from first-time purchases to new construction and move-up plans.

Have questions about timing, documents, or how these rules fit your search or sale? Connect with the Elite Home Team for friendly, bilingual guidance and a clear plan tailored to your next step.

FAQs

What is the Florida Homestead Exemption and how does it reduce taxes?

• It reduces the taxable assessed value of your primary residence, which may lower your annual property tax bill. Florida’s program is commonly discussed as providing up to $50,000 in assessment reductions, with actual savings depending on local millage rates.

How does Save Our Homes limit future assessed value increases?

• After your homestead is set, your assessed value can rise each year only by a fixed percentage or the Consumer Price Index change, whichever is lower, which helps stabilize taxes over time.

What is portability when moving within Florida?

• Portability transfers part or all of your Save Our Homes benefit, the gap between market and assessed value, to your new Florida homestead, subject to a statutory cap.

What is the homestead filing deadline in Palm Beach County?

• The deadline is typically March 1 for the tax year. If you bought after January 1, you generally file by March 1 of the following year. Confirm specifics with the Palm Beach County Property Appraiser.

Who processes my application and who sends the tax bill?

• The Palm Beach County Property Appraiser reviews and approves exemptions and sets assessed values. The Tax Collector issues and collects property tax bills based on the final assessment.

What documents do I need to apply for homestead and portability?

• Bring proof of ownership, Florida driver’s license or ID with the property address, Social Security numbers for owners, and your prior homestead details if requesting portability. Additional documents apply if you claim other exemptions.

Can I claim homestead on more than one property?

• No. Florida law allows one homestead exemption per person or household at a time.