If you own or just bought a home in Lakeland, you might be wondering how to lower your property tax bill this year. Florida’s Homestead Exemption is one of the most valuable tools available, and it is simple once you know the rules. In this guide, you’ll learn exactly how it works in Polk County, what Save Our Homes does, how portability helps when you move, and how to file by the deadline. Let’s dive in.
Florida Homestead basics
Florida’s Homestead Exemption reduces the taxable assessed value of your primary residence. To receive it, you must own and occupy the property as your permanent residence on January 1 of the tax year, and you must file with the county property appraiser by March 1.
Who qualifies
- You must be an individual who owns the property and makes it your permanent residence as of January 1.
- Only one homestead can be claimed at a time.
- Common qualifying ownership forms include fee simple, life estate, tenancy by the entireties, and many revocable living trusts where the grantor is a Florida resident. Some entities or certain trust arrangements may not qualify.
- Vacation homes, second homes, and rental or investment properties do not qualify.
What you save
- The general exemption can total up to $50,000 off assessed value.
- The first $25,000 applies to all taxing authorities, including school district taxes.
- The additional up to $25,000 applies only to the portion of assessed value above $50,000 and does not apply to school district taxes.
- Separate exemptions may be available for seniors, disabled persons, certain veterans, and widows or widowers. These usually require additional documentation and their own applications.
Documents to gather
- Proof of ownership, such as a recorded deed or closing statement if recently purchased.
- Proof of Florida residency and Polk County occupancy as of January 1, such as a Florida driver’s license or ID with the property address, plus items like Florida vehicle or voter registration.
- Social Security Numbers for each owner claiming the exemption, as required on state or county forms.
- Trust or legal documents if the home is titled in a trust or unusual arrangement.
- Supporting records for any additional exemptions you plan to claim.
Save Our Homes: cap and portability
Florida’s Save Our Homes (SOH) limits how fast your assessed value can rise once you have a homestead in place.
Assessment cap explained
SOH caps annual increases in your assessed value at 3% or the change in the Consumer Price Index, whichever is lower. This cap applies to your assessed value, not the market value.
Here is a simple example. If your prior assessed value was $200,000 and the market value jumps to $250,000, your assessed value for tax purposes might rise only to about $206,000 if the cap is 3%. Over time, the gap between market value and assessed value becomes your SOH benefit, helping to temper tax increases.
Portability when you move
If you had SOH protection on a previous Florida homestead and you move to a new Florida primary residence, portability lets you transfer some or all of that accrued benefit to the new homestead. There is a statutory limit to how much you can transfer. Historically, homeowners could transfer up to $500,000 of benefit, but you should confirm the current cap and filing rules with the Polk County Property Appraiser or the Florida Department of Revenue. To use portability, apply for homestead at your new home and file the portability form by the required deadlines.
How to file in Polk County
The Homestead Exemption is administered by the Polk County Property Appraiser. You can usually file online, by mail, or in person. Apply early to avoid last-minute issues.
Deadline and timing
- You must own and occupy the home as your permanent residence on January 1 of the tax year.
- File your application by March 1 to receive the exemption for that year.
- If you bought or moved in after January 1, you typically do not qualify for that year, but you should still contact the Property Appraiser to confirm your situation and plan to file for the next year.
Ways to apply
- Prepare your ownership documents, Florida ID with the property address, and Social Security Numbers for all owners claiming the exemption.
- If applying for portability, gather proof of your previous Florida homestead and the related SOH benefit.
- Submit your application using the Polk County Property Appraiser’s online portal, mail-in forms, or by visiting a local office. Local staff can verify documents and answer questions about eligibility.
TRIM notices and appeals
Each August, Polk County mails a Notice of Proposed Property Taxes, also called the TRIM notice. It shows your assessed value, proposed millage, and estimated taxes. If you disagree with the assessed value or an exemption decision, you can file a petition to the Value Adjustment Board. The deadline is printed on your TRIM notice, and the window is typically short, around 25 days after mailing. Follow the instructions on the notice to preserve your appeal rights.
Checklist for Lakeland homeowners
- Owned and occupied on January 1: file your homestead application well before March 1.
- New to Florida from another Florida homestead: apply for homestead and submit the portability form with proof of your prior SOH benefit.
- Bought after January 1: contact the Property Appraiser for guidance and plan to file for the next tax year.
- Held in a trust: bring trust documents showing your beneficial interest and residency.
- August TRIM: review carefully and act promptly if you plan to appeal.
Common mistakes to avoid
- Waiting until late February to start. Missing the March 1 deadline usually means waiting until the next tax year.
- Assuming second homes or rentals qualify. Only your permanent residence is eligible.
- Forgetting that the extra $25,000 does not reduce school district taxes.
- Overlooking portability timelines when moving between Florida homesteads.
- Ignoring your TRIM notice. Appeal windows are brief and firm.
Next steps
- Confirm that you owned and occupied the home on January 1.
- Gather your deed or closing statement, Florida ID with the property address, and any portability documentation.
If you have questions about how these rules apply to your Lakeland property or you are planning a move within Polk County and want to optimize your tax position, reach out to a local expert who knows the process and timeline. When you are ready to buy, sell, or plan your next move, connect with The Small Team for local guidance that fits your goals.
FAQs
What is the Florida Homestead Exemption in Polk County?
- It is a property tax benefit for your primary residence that reduces assessed value by up to $50,000, subject to eligibility and filing by March 1 with the Polk County Property Appraiser.
Who qualifies for the homestead exemption?
- You must own the property and occupy it as your permanent residence on January 1 of the tax year, and you can claim only one homestead at a time.
What is the Save Our Homes cap?
- Save Our Homes limits assessed value increases on a homestead to 3% or the change in CPI, whichever is lower, helping moderate annual tax increases.
How does portability work when I move within Florida?
- If you had SOH protection on a prior Florida homestead, you can transfer some or all of that accrued benefit to a new Florida homestead, subject to a statutory cap and timely filing.
Does the $50,000 exemption reduce school taxes?
- The first $25,000 reduces taxes for all taxing authorities, including schools; the second $25,000 applies only to assessed value above $50,000 and does not reduce school district taxes.
What if I bought my home after January 1?
- You usually will not qualify for that tax year; contact the Property Appraiser for guidance and plan to file for the next year.
How do I appeal my property assessment in Polk County?
- Review your August TRIM notice and file a petition with the Value Adjustment Board by the printed deadline, following the instructions provided.
