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If you purchased a property in Florida in 2023 (or before) that you consider your primary residence, filing for a FL homestead exemption can save you money on your upcoming property taxes. In addition to the $50,000 exemption, you are also protected from fast rising property values that could skyrocket your property taxes, by capping any increase in your taxes to the lesser of the Consumer Price Index or 3%. This is a great benefit to people on fixed incomes. In addition, legislation that was passed several years ago allow you to transfer this savings to a new FL property (primary residence).