What exactly does the homestead status provide in savings for you with real estate taxes?

First, the homeowner gets an annual $25,000 ad valorem tax exemption for all taxes assessed against the property and additional $25,000 ad valorem tax exemption for non-school taxes assessed against the property.

Another tax benefit of the homestead designation is a maximum 3 percent “Save Our Homes” cap on annual property valuation increases.  For example if the homestead’s current assessed value is $1,000,000, the assessed value for the next year cannot exceed $1,030,000, regardless of actual market appreciation.

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