Homestead Exemption Savings Calculator
Estimate annual property tax savings from your state's homestead exemption. Compare exemption amounts and rules across Texas, Florida, Georgia, California, Illinois, and 30+ other US states for 2026.
| Total exemption claimed | — |
| Taxable value after exemption | — |
| 10-year cumulative savings | — |
| Lifetime savings (30 years) | — |
What Is a Homestead Exemption?
A homestead exemption is a state property tax break that reduces the taxable value of your primary residence, lowering your annual property tax bill. Most US states offer some form of homestead protection — but the amount, eligibility, and rules vary widely. Texas raised its school district exemption to $100,000 in 2023, Florida combines a $50,000 exemption with the "Save Our Homes" 3% annual increase cap, and California's Proposition 13 holds total tax to roughly 1% of assessed value plus a $7,000 homestead deduction (source: Texas Comptroller, Florida DOR).
The exemption only applies to your primary residence — second homes, rentals, and investment properties do not qualify. You generally must apply once with your county appraiser; it then renews automatically as long as you keep the home as your primary residence. Miss the application deadline (typically March-April depending on state) and you forfeit a full year of savings.
How the 2026 Math Works in Each State
The basic formula: (assessed value − total exemption) × millage rate = property tax. Every $1,000 of exemption × your tax rate = direct annual savings. At a 2% combined millage, a Texas $100,000 school exemption saves $2,000/year; a Florida $50,000 exemption saves $1,000/year. Over 30 years, the cumulative savings on a Texas homestead can exceed $80,000 — more than the down payment on the home itself.
Stacking matters. Many states offer additional exemptions on top of the basic homestead: senior age 65+ (Texas adds $10,000 school + freezes school taxes), disabled veteran (Texas exempts 100% for 100% disability rating), surviving spouse, agricultural use. Check with your county appraiser for every overlay you qualify for — these stack and save thousands more.
State-by-State Quick Reference
Texas — $100,000 school district exemption + 10% annual appraisal cap on homestead. Apply by April 30. Florida — $25,000 standard + $25,000 above $50,000 + Save Our Homes 3% (or CPI) cap. Apply by March 1. Georgia — $2,000 statewide; many counties add $10,000-$50,000 local. Illinois — $6,000 statewide; Cook County adds $10,000. Louisiana — $7,500 + 4-mill cap (not subject to most local taxes up to that amount). Michigan — Principal Residence Exemption (PRE) eliminates 18 mills of school operating tax. New York — STAR program, with Enhanced STAR for seniors over $98,700 income.
For other property tax tools, see our personal balance sheet calculator, mortgage interest deduction, and Section 121 home sale exclusion.
How to Apply and Common Mistakes
Apply through your county tax assessor or appraisal district within the first year you occupy the property. Required documents typically include drivers license matching the property address, voter registration, vehicle registration, and a signed homestead affidavit. Common mistakes that disqualify your exemption: claiming homestead in two states simultaneously, renting the property out for more than 30 days/year, leaving the home vacant for an extended period without notice. Always update your driver's license and voter registration to match your homestead address before applying.
Last updated April 2026. Estimates only — confirm current exemption amounts and rules with your state and county tax authority. Sources: Texas Comptroller, Florida DOR, California BOE.