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Our mission is to provide our community with a dedication to accurate assessments, innovation, and superior service. However, property tax rates in Polk County are close to the state average. 777 SW 37th Ave The largest single source of property taxes are school districts. Portability benefits may be reduced if the benefit is split among multiple homestead owners and is limited to $500,000. Before buying real estate property, be aware that non-ad valorem assessments may have a significant impact on your property tax bill. Required to submit an annual application for tax deferral with the Tax Collector on or before March 31st, following the year in which the taxes and non-ad valorem assessments are assessed. This can usually be easily fixed and doing so will not raise the tax bill for the year of sale, or for subsequent years for the new buyer. Another benefit from homestead exemption is the Save Our Homes cap. Contacting us through our website does not establish an attorney-client relationship.*. of Revenue. Given that Florida has around a 2% average tax rate, that means a homeowner with $500,000 in portability will see a tax bill about $10,000 a year lower than it would be without it. Homestead portability is not automatic. Job specializations: Healthcare. Millennials Shut Out of Housing Market Again, 7 Content Ideas for a Real Estate Podcast, Understanding Florida's Homestead Exemption Laws. . For St. Johns county, you will need a FL Driver's License to apply for your homestead exemption or have current military orders with an out of state driver's license matching that location. The difference in the assessed value of a home (what we base the taxes on) and the market value of a home (what it would sell for in a free and open market) is what we call portability.