New Home Buyers Information

New Jupiter home buyers who are planning on making Florida their primary residence need to file for Florida Homestead. To become a Florida resident you will need the following:

You can go to the local drivers license bureau here in Palm Beach County but I recommend go to the drivers license bureau in Hobe Sound on US 1. Far quicker and much less crowded along with much nicer people to work with.

Located at 11734 SE Federal Hwy Hobe Sound

Once you have the proper documentation you can file for Homestead at the North County Courthouse in Palm Beach Gardens via mail, online or in person.

You have to own the property on January 1st of the year to be eligible for homestead. Link below will bring you to the website.

You receive a $25,000 deduction on the first $50,000 of assessed values and an additional $25,000 on the next $25,000 of assessed values but the second 25% does not include school taxes. It will save you approximately $750 per year. The largest benefit is the 3% cap rate per year on your assessed value.

No matter what the increase in Jupiter home values your properties assessed value can only go up a maximum of 3% or the Consumer Price Index whichever is lower.

If your $500,000 home is suddenly worth $600,000 your assessed value for this year can only be $515,000 and not the $600,000 it could be.

The latest addition to the Florida Homestead has been the portability exemption which has allowed homeowners to carry their homestead with them when buying a new home. Back in the day when they came up with the (SOH) Saves Our Homes it was a great benefit for Florida homeowners. After the run up in home prices in the early 2000’s many homeowners faced a dilemma. They were locked into their homes and could not move as their taxes could easily double or triple. This is when the Florida legislation announced portability which allowed long time homeowners to move up or down and not see their property taxes increase drastically.

You could have downsized to a much less expensive home and your property taxes would have increased. People weren’t moving so portability was the answer. Many present homeowners knew nothing about portability and I always mention it to potential sellers.

If I can help you with any questions feel free to reach out and give me a quick call. I’m happy to help.

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