Are you planning a move to Siesta Key or already own here and want to lower your property taxes? Florida’s homestead exemption can make a real difference if the home is your primary residence. Getting this right affects your annual tax bill, your closing timeline, and what happens when you move within Florida.
This guide breaks down who qualifies, the January 1 and March 1 rules, how Save Our Homes works, and how to apply in Sarasota County. You will also see simple examples and tips tailored to Siesta Key. Let’s dive in.
What the homestead exemption does
Florida’s homestead exemption reduces the taxable value of your primary residence. In many situations, you receive up to a $50,000 reduction in assessed value. The first $25,000 applies to all property taxes. The second $25,000 generally applies to the portion of assessed value above $50,000 and typically does not apply to school taxes.
Lower taxable value means a lower annual property tax bill. The exemption also ties into the Save Our Homes assessment cap, which limits how much your assessed value can increase each year.
Who qualifies on Siesta Key
You qualify if you both own the property and occupy it as your permanent residence on January 1 of the tax year. Seasonal use, second homes, and investment or vacation rentals do not qualify.
The exemption applies to a single primary residence per person. Condo owners, co-op owners, and owners of mobile homes that are properly titled and made permanent can qualify if the home is their permanent residence and all requirements are met.
Key dates and how timing affects you
- January 1: You must own and occupy the home as your primary residence as of this date for that tax year.
- March 1: This is the regular filing deadline with the county property appraiser.
- Closing timing: If you close after March 1, you will typically file for the next tax year. If you closed before March 1 and will make the property your permanent residence by January 1, apply by March 1.
If you become eligible after March 1, contact the Sarasota County Property Appraiser to ask about late filing or next-year eligibility.
How to apply in Sarasota County
You apply with the Sarasota County Property Appraiser. The tax collector bills and collects taxes, but the property appraiser manages exemptions and assessments.
Here is a simple process to follow:
- Confirm that the property is your permanent residence and that you met the January 1 requirement.
- Gather required documents and identification.
- Submit your homestead exemption application to the Sarasota County Property Appraiser by March 1. Online filing is commonly available.
- If you recently sold another Florida homestead and plan to transfer your Save Our Homes benefit, ask about filing a portability application at the same time.
What documents to gather
Counties can have specific requirements, but these are commonly requested in Sarasota County:
- Proof of ownership, such as a recorded deed or closing statement.
- Government-issued photo ID showing Florida residency, like a Florida driver’s license or state ID.
- Proof that the Siesta Key property is your permanent residence as of January 1. Examples include a Florida driver’s license with the property address, voter registration, vehicle registration, utility bills, or a Florida Declaration of Domicile.
- Social Security number for each owner applying.
- If applicable: power of attorney, court documents, or trust papers when ownership is held in a trust.
Bring originals or certified copies when filing in person. If you file online, follow the county’s upload instructions.
Save Our Homes explained
For homestead property, the Save Our Homes assessment cap limits annual increases in assessed value to the lesser of 3 percent or the percentage change in the Consumer Price Index. Over time, this can create a gap between market value and assessed value, which can lead to meaningful tax savings.
When a homesteaded property sells, the new owner’s assessment typically resets based on market conditions, unless the buyer brings a portability benefit from a prior Florida homestead.
Portability when you move within Florida
Florida allows you to transfer some or all of your Save Our Homes benefit to a new Florida homestead. This is called portability. If your previous homestead’s market value was significantly higher than its assessed value, you may be able to carry that difference to your new primary residence to lower the new assessed value.
There are timelines and forms involved. Ask the Sarasota County Property Appraiser for current procedures and the documents needed from your former county.
Buying or selling on Siesta Key: practical tips
- Buyers: If you plan to make your Siesta Key home your primary residence and you close before March 1, file by the March 1 deadline for that tax year. If you close after March 1, plan to file the following year.
- Sellers: Your homestead exemption does not transfer to the buyer. If you are staying in Florida and buying another home, explore portability to move your Save Our Homes benefit.
- Escrow: After your exemption is approved, let your mortgage servicer know. They may adjust your escrow based on the reduced tax amount.
Example: how the numbers work
Here is a hypothetical example to show the steps. Numbers are for illustration only, not current Siesta Key rates.
- Market value: $600,000
- Assessed value after Save Our Homes: $420,000
- Homestead exemption: $50,000
- Taxable value: $370,000
- If the combined millage rate is 20 mills ($20 per $1,000), estimated tax is $370,000 ÷ 1,000 × $20 = $7,400.
This shows how the exemption reduces the taxable value that the millage rate applies to. Your actual bill will reflect Sarasota County and local district millage.
Special situations on Siesta Key
- Condos and co-ops: These can qualify if they are your permanent residence and you met the January 1 ownership and occupancy test.
- Mobile homes: These can qualify if properly titled and affixed as real property and used as your permanent residence.
- Co-ownership: Only one primary residence per person may receive a homestead exemption. If multiple owners live in the same property as their permanent residence, the parcel can receive one exemption. Complex ownership should be reviewed with the property appraiser.
- Trusts and estates: If title is in a trust, the trust instrument and how the beneficiary’s rights are structured can affect eligibility. Inheritances and divorce decrees can also change qualification. Consult the property appraiser, and consider advice from a local attorney or tax professional for complex cases.
Keeping your exemption and avoiding mistakes
- Keep your Florida residency current on your driver’s license, voter registration, and vehicle registration at your homestead address.
- Notify the property appraiser if your primary residence changes or if you convert your homestead to a rental or second home.
- If you move within Florida, file a portability application when you apply for the new homestead to avoid losing your prior Save Our Homes benefit.
- Mark your calendar each year for March 1 if you are newly eligible or changed homes.
When to contact local offices
- Sarasota County Property Appraiser: For applications, documents, deadlines, and questions about Save Our Homes and portability.
- Sarasota County Tax Collector: For tax bill timing and payment questions.
Local procedures and forms can change, so confirm details directly with county offices before relying on timelines.
Ready to align your move, filing timeline, and tax strategy with your Siesta Key purchase or sale? Our team can help you plan around the January 1 and March 1 rules, coordinate with your closing, and connect you with local resources. Reach out to The Michelle Ward Group to talk through your goals. Get your instant home valuation.
FAQs
Who qualifies for Florida’s homestead exemption on Siesta Key?
- Owners who both own and occupy the property as their permanent residence on January 1 and submit a timely application to the Sarasota County Property Appraiser.
What is the filing deadline for Sarasota County homestead?
- March 1 is the regular deadline for the tax year; contact the Property Appraiser for late-filing guidance if you became eligible after March 1.
How does Save Our Homes limit my taxes?
- For homestead property, assessed value increases are capped at the lesser of 3 percent or the CPI change each year, which can reduce long-term tax growth.
Can I transfer my Save Our Homes benefit to a new Florida home?
- Yes, Florida allows portability of your Save Our Homes differential to a new homestead in Florida, subject to timelines and county filing requirements.
Does the homestead exemption apply to second homes or rentals?
- No, the exemption applies only to your primary residence; second homes, seasonal residences, and investment properties do not qualify.
What documents do I need when I apply in Sarasota County?
- Expect to provide proof of ownership, Florida photo ID, proof of permanent residency at the property as of January 1, Social Security numbers, and any trust or court documents if applicable.
Will my mortgage escrow change after my exemption is approved?
- Your property taxes may decrease, so contact your mortgage servicer to request an escrow adjustment based on the updated tax amount.
