Why the property tax line on a Florida listing is almost never what you will actually pay — and how to calculate your real year-one bill in St. Johns County.
Florida's Save Our Homes (SOH) Amendment, Article VII Section 4(d) of the Florida Constitution, limits the annual increase in assessed value for a homesteaded property to the lesser of 3% or the percentage change in the Consumer Price Index. It was passed by voters in 1992 and first applied to 1995 tax bills.
The protection is powerful for long-term owners. A homeowner who paid $200,000 in 2005 and has watched their home appreciate to $500,000 over 20 years is still being assessed at a value significantly below $500,000 — because the 3% annual cap meant their assessed value has grown slowly while market values grew faster. Their annual tax bill reflects that lower assessed value.
The protection is completely worthless to you as the buyer. Florida law requires a full reassessment to market value in the year following any sale. The existing SOH cap does not transfer. It resets to zero. Your assessed value in year 1 is the price you paid.
| Detail | Seller (After 10 Years) | You (Year 1 Buyer) |
|---|---|---|
| Original purchase price | $325,000 (2015) | $450,000 (2025) |
| Market value today | $450,000 | $450,000 |
| Assessed value under SOH | ~$395,000 (3%/yr for 10 yrs) | $450,000 (reset to purchase price) |
| Less homestead exemption | −$50,000 | −$50,000 |
| Taxable value | $345,000 | $400,000 |
| St. Johns County millage (13.47 mills) | ×0.01347 | ×0.01347 |
| Annual tax bill | $4,647 (on listing) | $5,388 (your year 1) |
| Difference | $741 more per year — not because taxes went up, but because your SOH protection resets | |
In this example the gap is $741/year. In cases where a seller has owned for 20+ years and market values have risen significantly, the gap between the seller's tax bill and the buyer's year-1 bill can reach $2,000–$4,000 per year or more.
The SOH protection kicks in for you beginning in your second year of ownership — as long as you have applied for and received the Florida homestead exemption. From year 2 forward, your assessed value can only increase by 3% per year or the CPI, whichever is lower. In years when home values are rising faster than 3%, your tax bill grows much more slowly than market appreciation would suggest.
Use this table to find your actual year-1 property tax estimate at 13.47 mills. These numbers represent what you will pay, not what the seller pays.
| Your Purchase Price | Year-1 Assessed Value | After $50K Exemption | Year-1 Annual Tax | Monthly |
|---|---|---|---|---|
| $350,000 | $350,000 | $300,000 | $4,041 | $337 |
| $400,000 | $400,000 | $350,000 | $4,715 | $393 |
| $425,000 | $425,000 | $375,000 | $5,051 | $421 |
| $450,000 | $450,000 | $400,000 | $5,388 | $449 |
| $475,000 | $475,000 | $425,000 | $5,725 | $477 |
| $500,000 | $500,000 | $450,000 | $6,062 | $505 |
| $550,000 | $550,000 | $500,000 | $6,735 | $561 |
If you currently own a Florida home with homestead and SOH protection, you are not starting from zero when you buy your next Florida home. Florida's portability provision (Amendment 1, 2008) allows you to transfer up to $500,000 of your existing SOH benefit — the difference between your current assessed value and market value — to your new Florida home. You must file a portability application by March 1 of the year following your purchase.
Example: You own a home assessed at $280,000 with a market value of $450,000. You have $170,000 in SOH benefit. You buy a new home at $500,000 in St. Johns County. You can apply the $170,000 portability benefit, reducing your new assessed value from $500,000 to approximately $330,000 — a taxable value of $280,000 after the homestead exemption. Year-1 tax: ~$3,772 instead of $6,062. File the portability form with the St. Johns County Property Appraiser by March 1.
Calculate your actual year-1 tax bill before making an offer — not after. An agent who knows St. Johns County can run the SOH math and portability calculation for your specific situation.
Connect with a Local Agent →Save Our Homes Amendment text: Article VII Section 4(d), Florida Constitution. Portability provision: Amendment 1 (2008). Millage rate: St. Johns County FY2025-26 adopted budget at 13.47 mills. Homestead exemption deadline: March 1. All calculations are estimates — actual tax bills vary by parcel, special district assessments, and city limits. Consult a tax professional for portability calculations. This page is for research purposes only.