Buying in Sarasota and wondering how to lower your property taxes fast? You are not alone. First-time buyers and relocators often hear about Florida’s homestead exemption but are unsure who qualifies, when to apply, and how much it actually saves. In this guide, you will learn the essentials, from eligibility and deadlines to how Save Our Homes and portability work when you move within Florida. Let’s dive in.
What the homestead exemption is
Florida’s homestead exemption reduces the taxable assessed value of your primary residence. It is established in the Florida Constitution and implemented through state law and your county property appraiser.
There are two separate benefits you will hear about together:
- The homestead exemption, which is a dollar reduction to your taxable assessed value.
- The Save Our Homes (SOH) assessment cap, which limits how much your assessed value can increase each year.
These work side by side. The exemption lowers the value that is taxed. The SOH cap helps keep assessed value growth in check year to year.
Who qualifies in Sarasota
To qualify, you must own the property and use it as your permanent residence. The home must be your principal place of domicile. You must be a Florida resident. Only one homestead exemption is allowed per person.
U.S. citizenship is not required. Noncitizen residents can qualify if they establish Florida legal residence and the home is their permanent residence.
Documents you may need
Counties typically ask for proof of ownership and proof of Florida residency at the property’s address. Be ready with:
- Proof of ownership, such as a recorded deed or closing statement.
- Florida driver’s license or Florida ID card showing your Sarasota address.
- Florida vehicle registration.
- Voter registration card with your Sarasota address, if applicable.
- Recent utility bill in your name at the property.
- Social Security number for the application.
- If using portability from a prior Florida homestead, the prior homestead address and the year it was claimed.
When to apply in Sarasota
Eligibility is tied to your occupancy on January 1 of the tax year. To receive the exemption for that year, you must have established the property as your permanent residence and occupied it by January 1, and you must file by the county deadline.
- The standard filing deadline is March 1 of the year you want the exemption. Filing after March 1 may be possible for cause in some cases, but it is not guaranteed.
Here are two common timelines:
- You close on December 15 and move in right away. You occupy by January 1. File by March 1. Your exemption can apply for that same tax year.
- You close on February 15 and move in after that. You were not in permanent residence on January 1. File by March 1 of the next year. Your exemption begins the following tax year.
How the savings are calculated
Your tax bill is based on taxable assessed value multiplied by the combined millage rate set by local taxing authorities. The homestead exemption lowers the taxable assessed value. The Save Our Homes cap limits how much your assessed value can rise each year after you establish homestead.
Exemption tiers explained
Florida’s homestead exemption is often described as up to $50,000, applied in tiers. The first portion generally reduces your assessed value for all taxing authorities, including school taxes. The additional portion typically applies to assessed value above a set threshold and usually applies only to non-school taxes. Because of this tiered structure, the dollars you save depend on the mix of school and non-school millage where your home is located.
Save Our Homes cap basics
The Save Our Homes cap limits the annual increase of your assessed value to the lower of 3 percent or the change in the Consumer Price Index for that year. Over time, this can create a gap between market value and assessed value. That gap is your SOH benefit. Long-time owners often see meaningful savings because assessed value grows more slowly than market values during strong markets.
Example savings (simple math)
The examples below are for illustration only. Your actual bill depends on your home’s assessed value, Sarasota’s combined millage rate, and any other exemptions or assessments.
- New buyer example: Your assessed value is $400,000. With a simplified $50,000 total homestead exemption, your taxable value becomes $350,000. Your property tax is taxable value multiplied by the combined millage rate.
- Long-time owner with SOH: Market value is $600,000, but the SOH cap has kept assessed value at $350,000. The homestead exemption then reduces the taxable value further. You are taxed on a much lower base than market value, which is why long-time owners often pay less than recent buyers for similar homes.
Portability when you move within Florida
Portability lets you transfer part or all of your Save Our Homes assessment difference from a prior Florida homestead to a new Florida homestead. This protects the benefit you built under the SOH cap so your assessed value does not reset all the way up to current market levels when you move.
- You request portability when you apply for homestead on your new Sarasota home.
- Bring your prior Florida homestead address and the year you claimed homestead there. The previous county’s property appraiser may be asked to confirm the assessment details.
- Portability applies to the SOH benefit. The standard homestead exemption applies separately to any qualifying homestead.
Sarasota filing steps
You apply with the Sarasota County Property Appraiser.
Here is a typical sequence to keep you on track:
- Confirm eligibility. Plan to occupy as your permanent residence by January 1 of the tax year.
- Gather documents. Have identification and residency documents showing your Sarasota address, plus your deed or closing statement. If using portability, collect your prior homestead details.
- Submit your application. Counties often offer online, mail, or in-person options. Check Sarasota’s current procedures for how and when to submit.
- Monitor your status. Watch for notices and review your proposed assessment when it is issued. If something looks off, contact the property appraiser quickly.
Avoid common mistakes
- Missing the January 1 occupancy requirement. Plan your move-in with this date in mind.
- Missing the March 1 filing deadline. Put it on your calendar as soon as you close.
- Claiming homestead in two places. You may claim only one homestead per person.
- Overlooking portability. If you had a Florida homestead before, portability can preserve valuable SOH savings.
- Assuming the seller’s taxes will match yours. A new buyer’s assessed value typically resets before exemptions and caps are applied.
How much could you save?
Your savings equal your taxable value reduction multiplied by the combined millage rate where your home is located. Because rates vary by jurisdiction and by whether a portion applies to school or non-school taxes, your exact savings will be unique to your property.
A quick way to ballpark it is to apply the simplified $50,000 exemption to your assessed value and multiply the result by an estimate of your combined millage rate. This gives you a rough annual savings figure. For a more precise look, we can review your address and expected assessment and walk you through the math step by step.
We are here to help
If you are buying in Sarasota or moving within Florida, a short planning session can help you time your closing and move-in, collect the right documents, and decide whether portability applies. We can coordinate with your timeline, explain how assessments work for your specific area, and help you prepare a clean application.
Questions about your situation or next steps? Reach out and we will help you map it out in a few minutes. Connect with Julian Germinal to get started.
FAQs
If I buy in Sarasota in February, can I get homestead this year?
- Generally no. To qualify for that tax year you must have occupied the home as your permanent residence on January 1 and filed by March 1, so plan to apply for the next tax year.
How much will the homestead exemption save me in Sarasota?
- The exemption can reduce your taxable assessed value by up to $50,000 in tiered amounts. Actual dollar savings depend on the combined millage rate for your property; use the tiered reduction times the rate to estimate.
Does the homestead exemption affect my mortgage or insurance?
- No. The homestead exemption affects property taxes. It does not change your mortgage terms or homeowners insurance.
Can I transfer my Save Our Homes benefit when moving to Sarasota?
- Yes. You may transfer part or all of your SOH benefit within Florida by filing a portability claim when you apply for homestead on your new Sarasota home and providing your prior homestead details.
What if I miss the March 1 filing deadline in Sarasota?
- Some counties allow late-filed applications for cause, but approval is not guaranteed. Check Sarasota County Property Appraiser policies and file as soon as possible.
Are there extra exemptions for seniors, veterans, or disabled residents?
- Yes. Florida and Sarasota offer additional exemptions with specific eligibility and documentation. These are separate from the basic homestead exemption and may further reduce taxes.
Do noncitizens qualify for the Florida homestead exemption in Sarasota?
- They can if they are Florida residents and the Sarasota home is their permanent residence. U.S. citizenship is not required.
