Florida Homestead Exemption: St. Petersburg Buyer Guide

Buying in St. Petersburg and wondering if Florida’s homestead exemption could lower your monthly payment? You’re not alone. For many Pinellas buyers, the exemption and Save Our Homes cap can reduce annual property taxes and keep them more predictable over time. In this guide, you’ll learn who qualifies, how and when to file in Pinellas County, what portability means if you’re moving from another Florida homestead, and how to estimate real monthly savings. Let’s dive in.

Florida homestead at a glance

Florida’s homestead exemption is a property tax benefit for your primary residence. It reduces your home’s taxable assessed value, which lowers annual property taxes.

• Up to $50,000 in exemption is common.
• The first $25,000 applies to all property taxes, including school district taxes.
• The additional up to $25,000 applies to the portion of assessed value above $50,000 and does not apply to school district taxes.
• The Save Our Homes assessment limitation caps annual increases in your assessed value at the lesser of 3% or the change in the Consumer Price Index. That cap can create meaningful long‑term savings, especially if market values rise faster than the cap.

Homestead applies only to a primary residence. It does not apply to second homes, vacation homes, or purely investment properties.

Who qualifies in Pinellas

To qualify for a given tax year, you must make the property your permanent legal residence on January 1 of that year. You must also own legal or beneficial title as of January 1, typically shown by a recorded deed.

Florida requires permanent residency. U.S. citizens and lawful permanent residents who establish Florida residency generally qualify. If you are unsure about your status or situation, contact the Pinellas County Property Appraiser for guidance.

Common documentation you may need when you file:

• Recorded deed or proof of ownership
• Proof of Florida residency for each owner claiming the exemption, such as a Florida driver’s license or ID with the property address, voter registration, vehicle registration, or a Declaration of Domicile
• Social Security numbers for owners, for verification
• Any additional documents requested by the Property Appraiser, particularly for non‑U.S. citizens or special circumstances

You may also qualify for additional exemptions that require separate filings, such as low‑income senior exemptions, widow or widower exemptions, and disability or disabled veteran exemptions. Amounts and criteria vary, so check with the Property Appraiser for current rules.

Deadlines and when to file

Florida’s filing deadline for a new homestead exemption is March 1 each year.

• If you close after January 1 but before March 1 and the home will be your primary residence, file as soon as possible before March 1.
• If you close after March 1, you generally cannot receive homestead for that tax year. Plan to apply for the next year once you meet the January 1 residency requirement.

If you believe you qualify but missed the deadline, contact the Pinellas County Property Appraiser immediately to discuss late or corrected filings. Be accurate and truthful. Misrepresenting a property as a homestead can lead to loss of the exemption, back taxes, interest, and penalties.

Step‑by‑step after closing

Here’s a simple timeline for St. Petersburg buyers:

1. Confirm your deed is recorded.
2. Update your Florida driver’s license and vehicle registration, and register to vote at your new address. These help verify residency.
3. Gather documents. Have your deed, Florida IDs, voter registration, vehicle registration, and Social Security numbers ready.
4. File your homestead application with the Pinellas County Property Appraiser. Many counties, including Pinellas, typically offer online filing. Check the county’s homestead page for the application and document requirements.
5. If you are moving from another Florida homestead, submit the portability application when you file. The state portability application is commonly referred to as DR‑501T.
6. Keep copies of everything, especially documents showing the prior homestead’s assessed value and dates if you are porting your Save Our Homes benefit.
7. After approval, contact your lender or mortgage servicer to update your escrow based on the new tax estimate.

Portability basics

If you owned a Florida homestead and are buying another primary residence in Florida, you may be able to transfer, or port, some or all of your Save Our Homes assessment difference to your new homestead. This can significantly reduce the new home’s assessed value for tax purposes.

How portability works for buyers:

• File the portability application, typically DR‑501T, with the county property appraiser where the new home is located. You usually file it at the same time as your new homestead application.
• There is a statewide cap on the amount you can transfer. The cap has been cited at $500,000, but you should confirm current limits with the Florida Department of Revenue or the Pinellas County Property Appraiser because state rules can change.
• Timing matters. Claim portability when you file for homestead on the new property. Have records of your prior homestead’s assessed value and the dates that homestead applied.

How it affects monthly payment

Property tax is calculated from your taxable assessed value and local millage rates. Homestead lowers the taxable assessed value, which lowers annual taxes. If your mortgage includes escrow for taxes, this can reduce your monthly payment once the exemption is approved.

Basic formula:

• Annual property tax = Taxable assessed value × combined millage rate as a decimal
• Monthly impact = annual tax divided by 12

Illustrative example — use your tax district’s millage for real calculations:

• Assumptions: purchase price or market value of $350,000; combined millage of 20 mills, which equals 0.020 as a decimal. This is an example only, not the actual St. Petersburg rate.

Without homestead:

• Taxable value = $350,000
• Annual tax ≈ $350,000 × 0.020 = $7,000
• Monthly ≈ $583

With homestead (full $50,000 illustrated):

• Taxable value = $300,000
• Annual tax ≈ $300,000 × 0.020 = $6,000
• Monthly ≈ $500

Estimated savings:

• Annual ≈ $1,000
• Monthly ≈ $83

This is simplified. The second $25,000 of the exemption does not apply to school district taxes, and the Save Our Homes cap can further reduce assessed value over time. For a precise estimate, use your address’s exact millage breakdown and the Property Appraiser’s assessed value.

Common pitfalls to avoid

• Missing the March 1 deadline. Mark your calendar and file promptly.
• Waiting to update IDs. If you were living in the home on January 1, you may still qualify, but get your IDs updated and documents in order quickly.
• Forgetting portability. If you sold a Florida homestead, keep records of your prior assessed value and dates, and file DR‑501T with your new application.
• Claiming a non‑primary home. Homestead only applies to your primary residence. False claims can lead to back taxes and penalties.
• Assuming rules never change. Additional exemptions and certain limits can be updated. Verify current requirements with the Pinellas County Property Appraiser.

How I help you

A smooth filing is about timing and details. Here is how I support you from contract to approval:

• Create a closing-to-filing checklist with key dates, including March 1.
• Confirm deed recording so you can file promptly.
• Remind you to update your driver’s license, vehicle registration, and voter registration.
• Help you assemble documents and point you to the Property Appraiser’s online application.
• Coordinate portability steps if you are moving from another Florida homestead, including DR‑501T.
• Advise when to contact your lender or servicer to adjust escrow once your exemption is approved.

Ready to apply?

If you are buying in St. Petersburg or anywhere in Pinellas County, the homestead exemption can make a real difference in your annual taxes and long‑term planning. If you would like a step‑by‑step plan based on your closing date, portability status, and neighborhood, reach out to me. I will walk you through timelines, paperwork, and escrow updates so you can file with confidence. Connect with Judy Anderson to get started.

FAQs

When should a St. Petersburg buyer apply after closing?

• Apply as soon as your deed is recorded and you have established residency, and file by March 1 for that tax year if you were owner and resident on January 1.

Can you file a Pinellas homestead online?

• Pinellas County Property Appraiser typically offers online filing; check the county’s homestead page for the current application and document upload options.

Can multiple co‑owners benefit from one homestead?

• Only owners who occupy the home as their primary residence may claim; one homestead exemption covers the qualifying co‑owners who live in the property.

Can you keep a homestead on another property?

• No, Florida homestead is only for your primary residence and you cannot claim it on more than one property.

Does the homestead exemption change your escrow payment?

• Yes, lower annual taxes can reduce your monthly escrow contribution; once approved, contact your lender or servicer to update estimates.

How fast will the exemption appear on my tax bill?

• After approval by the Property Appraiser, the reduced assessed value appears on that year’s tax roll, timing depends on when you file and county processing schedules.

What if you close after March 1 in Pinellas?

• You generally cannot receive the exemption for that year; plan to apply for the next tax year once you meet the January 1 residency requirement.

What documents do you need to file in Pinellas?

• Expect to provide your recorded deed, Florida IDs with the property address, voter and vehicle registrations, Social Security numbers, and any additional items the Property Appraiser requests.