Your Buyer’s Property Tax Could Rise Next Year

ORLANDO, Fla. — In Florida, when a residential property is sold, the Seller’s tax savings end. That sale is like a giant reset button. If the Seller had a Homestead Exemption, or any other exemption, those exemptions go away.

Exemptions do not automatically roll over to the new owner. The Seller may have benefitted from the Save our Homes assessment limitation. That Save Our Homes cap ends. This protection belongs to the Seller and does not transfer to the new owner.

On January 1, the year after the sale, the county Property Appraiser resets the home’s assessed value to full market.

So, what does all this mean? Well, it depends. If the seller owned the home for many years or its value rose significantly during that time, the buyer’s property tax bill could be much higher than the seller’s.. For other homes, the change may be much smaller.

However, it is not all doom and gloom. There are some tips to keep in your pocket:

• Be aware that Buyers purchasing a home to live in as their permanent residence may qualify for homestead exemption. That paperwork needs to be filed with the county Property Appraiser by March 1 of the calendar year after closing on the property (for example: if the home is bought in 2026, the paperwork can be filed by March 1, 2027 and the exemption will take effect for the 2027 tax year).
• Florida offers a Save Our Homes portability benefit which may allow eligible homeowners moving from one Florida homestead to another Florida homestead to transfer some of their assessment savings.

Maria Marchante is Associate General Counsel

Note: Information deemed accurate on date of publication

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