If you own a home in Tampa—or you’re planning to buy one—understanding Florida’s homestead exemption is essential. It’s one of the most valuable homeowner benefits in the state, yet many buyers, sellers, and even longtime residents don’t fully take advantage of it.
At The Lewkowicz Group, Emeri and Joe Lewkowicz have spent more than 40 years combined helping Tampa Bay homeowners build long-term wealth. One thing they consistently emphasize? Smart ownership starts with understanding how to protect your investment. The Florida homestead exemption is a big part of that strategy.
What Is the Florida Homestead Exemption?
In simple terms, the Florida homestead exemption is a property tax benefit available to homeowners who use their property as their primary residence.
If you qualify, you can receive up to $50,000 off the assessed value of your home for property tax purposes:
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The first $25,000 applies to all property taxes, including school taxes
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The second $25,000 applies to non-school taxes on homes assessed between $50,000 and $75,000
For Tampa homeowners, this often translates to hundreds or even thousands of dollars in annual savings—money that stays in your pocket year after year.
How the Homestead Exemption Benefits Tampa Homeowners
From Emeri and Joe’s perspective, the homestead exemption isn’t just about saving money today—it’s about long-term financial stability.
1. Lower Annual Property Taxes
Tampa’s real estate market has seen steady appreciation, especially in desirable neighborhoods throughout Hillsborough County. While rising values are great for equity, they can also mean higher property taxes. The homestead exemption reduces your taxable value, helping offset those increases.
2. Protection Through the “Save Our Homes” Cap
Once you have homestead status, your assessed value increase is capped at 3% per year or the rate of inflation—whichever is lower. This is huge.
Emeri often points out that two identical homes on the same street can have very different tax bills, simply because one owner has had homestead protection longer. Over time, this cap can save homeowners tens of thousands of dollars.
3. Creditor Protection
Florida’s homestead laws also provide strong protection from certain creditors. While this is more of a legal safeguard than a tax benefit, it’s another reason many homeowners feel secure owning their primary residence in Florida.
Who Qualifies for the Homestead Exemption?
To qualify, you must:
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Own the property
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Use it as your primary residence
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Be a Florida resident as of January 1 of the tax year
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Apply with the county property appraiser
This benefit does not apply to:
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Investment properties
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Second homes
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Rental-only properties
Joe Lewkowicz frequently advises investors to plan strategically—sometimes buyers start with a primary residence, claim homestead, and later convert it into a rental after establishing years of capped assessments.
How and When to Apply in Tampa
For Hillsborough County homeowners, the homestead exemption must be applied for by March 1 of the year you’re seeking the exemption.
Emeri and Joe always remind their clients: This isn’t automatic. You have to apply, even if your lender or title company doesn’t mention it.
Missing the deadline can mean leaving serious money on the table for an entire year.
Why Local Expertise Matters
Understanding how the homestead exemption fits into your overall real estate strategy—whether you’re buying, selling, or investing—is where local experience makes a difference.
With decades of hands-on experience in the Tampa market, Emeri and Joe Lewkowicz help clients:
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Identify the right property for primary residence vs. investment
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Plan for future tax implications
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Maximize long-term savings through smart ownership decisions
The homestead exemption is just one example of how informed guidance can directly impact your bottom line.
Final Thoughts from The Lewkowicz Group
Owning a home in Tampa is more than a lifestyle decision—it’s a financial one. The Florida homestead exemption is one of the most powerful tools available to homeowners, and when used correctly, it can significantly enhance long-term wealth.
If you’re buying your first home, relocating to Tampa, or rethinking your real estate strategy, Emeri and Joe Lewkowicz are here to help you navigate every detail—from day one ownership to long-term planning.
Because in Tampa real estate, knowledge truly pays off.
