The Florida costs every buyer should know

Homestead exemption and Save Our Homes

• Up to about $50,000 off the assessed value of your main home.
• Save Our Homes caps yearly increases in assessed value at 3% or inflation, whichever is lower.
• Portability: moving within Florida? You may be able to carry some of your savings to your next homestead.
• Apply with your county property appraiser by March 1.

Homestead explained

Property taxes

• Taxes are paid in arrears for the calendar year; bills arrive around November.
• Pay in November for a 4% discount; the full amount is due by March 31.
• Each August you get a TRIM notice showing proposed taxes, before rates are final.
• When you buy, taxes are usually based on the new price, so they can be higher than the seller's.
• Current law only. This page describes Florida's property tax rules as they are today. Changes proposed by the Legislature or on a ballot only apply if they are approved and take effect, and how much any homeowner would save depends on their own home and county. We'll update this page if the rules change.

Homeowners and wind insurance

• Wind mitigation inspection: roof straps, shutters and impact windows can earn real discounts.
• 4-point inspection: often required for older homes (roof, electrical, plumbing, air conditioning).
• Roof age affects whether and how a home can be insured. Ask early.
• Hurricane deductible: often a percentage of the dwelling coverage, such as 2%.
• Citizens Property Insurance is the state's insurer of last resort when private cover isn't available.

Flood insurance

• Required by lenders in high-risk FEMA flood zones (A and V zones).
• Standard homeowners policies do not cover flood damage.
• An elevation certificate can lower the premium.
• NFIP policies usually take 30 days to start, so arrange it before closing.

HOA and condo fees

• Monthly or quarterly dues pay for common areas and services, and lenders count them in your payment.
• Read the HOA disclosure summary and rules (rentals, pets, parking) before you commit.
• HOAs explained, plus reviews of local HOAs and builders
• Condos: check reserves, recent inspections and any planned special assessments.
• An estoppel letter at closing confirms what the seller owes the association.

CDD fees

• Common in newer Florida communities; they pay for roads, water, sewer and amenities.
• Usually shown as an extra line on your property tax bill.
• Often include a debt portion that ends after a set number of years, plus a yearly maintenance portion.
• Always ask for the CDD amount when comparing new construction homes.