Save Our Homes Cap & Second Homes in Florida

Save Our Homes & Second Homes, Explained

Save Our Homes is a Florida constitutional assessment limitation that, once a property is granted homestead, caps how much its assessed value can increase from one year to the next. Over time this can hold a primary-residence owner's assessed value well below market value, making the long-run property-tax bill more predictable the longer the home is held.

Crucially, Save Our Homes applies to homesteaded primary residences — not to second homes, vacation homes, or investment property. Florida law instead applies a separate, less protective assessment cap to non-homestead property. That distinction is why two similar homes on the same street can carry very different tax trajectories depending on whether each owner uses the home as a primary or second residence.

Florida also allows portability: an eligible homeowner can transfer a portion of accumulated Save Our Homes benefit from a prior Florida homestead to a new Florida homestead, within statutory rules and deadlines. Portability does not apply to a second home, which is one more reason use matters. All specifics are administered by the county property appraiser and can change.

Key Things to Know

A handful of principles explain why Save Our Homes treats primary and second homes so differently:

Homestead unlocks Save Our Homes. The Save Our Homes cap applies only after a property is granted homestead as the owner's permanent primary residence. No homestead, no Save Our Homes protection.

Non-homestead cap is different. Second homes and other non-homestead property fall under a separate, less protective assessment-increase cap defined in Florida law — commonly understood as a higher annual ceiling than Save Our Homes.

Assessed value can reset on sale. When ownership changes, a property's accumulated cap protection generally does not carry to the new owner; assessed value can reset toward market value at the next assessment.

Portability is homestead-only. Accumulated Save Our Homes benefit can be ported between Florida homesteads under statutory rules, but it does not apply to a second home.

Cap is on assessed value, not the tax rate. The cap limits how fast assessed value rises; the millage rate set by local taxing authorities is a separate factor in the final bill.

What to Verify

Before you budget around assessment caps, confirm these items with the county property appraiser for the specific parcel and your intended use:

Your use classification. Confirm whether the home will be a homesteaded primary residence (Save Our Homes eligible) or a non-homestead second home (different cap). This drives the entire tax trajectory.

Likely assessed value after purchase. Ask the appraiser for an estimated assessed value based on your purchase, not the seller's capped value, since the cap protection may not transfer to you.

Current non-homestead cap rules. If the home will be a second home, confirm the current non-homestead assessment-cap rules and how they apply, as figures are set by Florida law and can change.

Portability eligibility. If you are selling a prior Florida homestead and buying a primary residence, ask whether and how much Save Our Homes benefit you can port, and the deadline.

Local millage rate. The assessment cap limits value growth, but the local millage rate determines the bill. Confirm the applicable rate for the parcel's taxing jurisdiction.

Full carrying cost. Model the projected tax alongside insurance and any HOA, club, or CDD fees so the complete annual cost is clear before you make an offer.

What Generic Real Estate Sites Usually Miss

National portals display estimated taxes, but they rarely explain assessment caps. On a Florida luxury home they typically cannot tell you:

• That the seller's low tax bill may reflect years of Save Our Homes protection that does not transfer to you.
• That a second home falls under a different, less protective non-homestead cap than a primary residence.
• How assessed value can reset toward market value when the home changes ownership.
• Whether you can port accumulated Save Our Homes benefit from a prior Florida homestead.
• How the cap, the millage rate, insurance, and community fees combine into your true annual cost.

Maria's Take

The Save Our Homes cap is one of the most powerful — and most misunderstood — features of Florida ownership. A primary-residence buyer planning to hold a home for years can benefit from a cap that keeps assessed value from racing ahead of the market, while a second-home buyer simply does not get the same protection.

Where I see buyers stumble is assuming the seller's capped tax bill is what they will pay. I encourage every buyer to settle the use question early and to confirm a realistic assessed-value estimate with the county property appraiser, so the tax line in the plan reflects how the cap actually applies to them rather than to the prior owner.