Exemptions from Property Taxes

Immune property refers to government-owned properties (courthouses, military bases, airports) that are not assessed and not taxed at all. Exempt property refers to properties owned by churches or non-profits used for charitable purposes. Their value is assessed, but they are fully released from the obligation to pay taxes.Florida’s most famous tax benefit is the Homestead Exemption. Permanent residents who own and occupy their home on January 1st can qualify. (a) Assessment Limitation (Save Our Homes): This caps the annual increase in the assessed value of a homesteaded property at 3% or the Consumer Price Index (CPI), whichever is lower. This prevents long-time residents from being taxed out of their homes when values spike. "Portability" allows owners to transfer some of these tax savings to a new home if they move.