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Homestead exemption and portability: Ways to save on your property taxes

The Florida Homestead Exemption is intended to give homeowners in the Sunshine State a significant reduction on the real estate taxes on their primary domicile. Here is a quick rundown on what you need to know.

THE FLORIDA HOMESTEAD EXEMPTION ─ GENERALLY

Homestead exemptions are only available on an individual’s primary home. This exemption does not apply to businesses, rental property, second homes, homeowners claiming permanent residency-based exemptions or tax credits in other states, or homes with owners that do not claim Florida as their primary residence.