Buy Before December 31: Why 55+ Buyers Should Lock In Their Florida Homestead for 2027

By Kelly M. DeCarlucci, REALTOR® · November 7, 2026

If you have been daydreaming about a front porch in Florida, a pickleball game before breakfast, and a sunset you never have to share with a snow shovel, I want you to circle one date on your calendar: December 31, 2026. Here is why that date matters more this year than it ever has.

Homestead Is Decided on January 1

In Florida, the homestead exemption is based on who owns and lives in a home on January 1. In Hillsborough County, you must hold title and make the home your permanent residence as of January 1, and then file with the Property Appraiser by March 1.

In plain language: if you close on your home and move in by December 31, 2026, you can apply for homestead for the 2027 tax year. Close on January 2, and you wait a full year longer.

Why 2027 Is a Very Good Year to Be Homesteaded

On November 3, Florida voters approved Amendment 3 with about 62% of the vote. Starting January 1, 2027, it raises the homestead exemption on non-school property taxes:

• 2027: up to $150,000 (up from about $50,000 today)
• 2028: up to $250,000, then adjusted for inflation in later years
• The separate $25,000 exemption for school taxes stays the same.

Homestead also brings the Save Our Homes cap. After your first homestead year, the assessed value of your home can rise no more than 3% a year, or the rate of inflation if lower. Over time, that cap can be worth more than the exemption itself.

A Special Note for Those Moving to Florida

If you are relocating from another state, pay close attention. Amendment 3 includes a residency provision for people who were not Florida residents as of December 31, 2026. Under the ballot summary, those newer residents receive the existing exemption first, and the larger exemption begins later, with the fifth year of exemption. Counties and cities may shorten that wait by a two-thirds vote.

The details are still being put into practice, so I always recommend confirming your own situation with the Property Appraiser or your tax advisor. Even so, the message is clear: becoming a Florida homeowner and resident before the new year may put you years ahead.

Extra Help for Homeowners 65 and Older

Once your home is homesteaded, Hillsborough County also offers an additional exemption for homeowners 65 and older who meet income limits, worth up to $50,000 in unincorporated Hillsborough County, which includes Wimauma and the communities around it. Like homestead, it is based on your status on January 1 and must be filed by March 1.

Already Own a Florida Home? Portability Can Travel With You

If you are downsizing or right-sizing from another Florida home, portability may let you carry some or all of your Save Our Homes savings to your new homestead. It is one of the most overlooked benefits in Florida real estate, and the right timing can save you thousands.

Is There Really Time? Yes, If You Start Now

A financed purchase often takes about 30 to 45 days from contract to closing. A cash purchase can move faster. That means the window to find a home, get under contract, and close by December 31 is open, but it is not open for long. Mid to late November is the sweet spot to make your move.

A Community Worth Wasting Your Time In: Medley at Southshore Bay

For buyers 55 and better, Medley at Southshore Bay in Wimauma is a community I know well. Think resort-style living: a clubhouse, a pool beside the lagoon, a fitness center, pickleball, and walking trails, all just a short drive from the Little Manatee River, Apollo Beach, and downtown Tampa.

The villas here are built for easy living: single-story layouts, bright open kitchens, and covered lanais that look out over the water. Picture yourself on that lanai on New Year's Eve, coffee in hand, homestead locked in for the year ahead.

Your Next Step

Whether it is Medley, another 55+ community, or a quiet place on the water, I would be honored to help you get there before the clock strikes midnight on December 31. I'm licensed in the state of Florida. Where would you like to go? I'd be happy to find you a place where you'd be willing to waste your time.

Call or text me at 813-495-1616, or browse homes anytime at YourHomeTampaBayArea.com.

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This post is for general information and is not tax or legal advice. Exemption rules and amounts are set by Florida law and your county Property Appraiser; please confirm your eligibility with them or a tax professional. Sources include the Hillsborough County Property Appraiser, FOX 13 Tampa Bay and the Florida Chamber of Commerce.