Relocating to Florida and Buying a $1M+ Home: Taxes, Homestead & Ownership Guide

This guide is real estate education, not legal, tax, accounting, immigration, or financial advice, and it contains no individualized conclusions about any reader’s situation. Statutes, exemption amounts, millage rates, deadlines, and federal reporting rules change and vary by jurisdiction; verify each with the county property appraiser and with your own Florida attorney and CPA. Tax illustrations are labeled and hypothetical. No outcome can be guaranteed.

Comparing markets first? See Port St. Lucie vs. Stuart vs. Jensen Beach • West Palm Beach market forecast and investment outlook

Why These Decisions Deserve as Much Attention as the House

Most relocation advice stops at “Florida has no income tax.” That sentence is accurate and almost useless on its own, because the decisions that actually determine what a $1,000,000-plus Florida purchase costs you are made in a specific order, several of them before closing, and a few of them have hard deadlines.

Four decisions carry most of the weight. Where you buy determines the millage that multiplies against your taxable value, and the three markets in this guide sit in two different counties with materially different rates. When you close interacts with a January 1 ownership-and-occupancy test and a March 1 filing deadline. How you take title can preserve or forfeit homestead eligibility entirely. And whether you have a prior Florida homestead determines whether you can carry accumulated savings forward.

Get the sequence wrong and the cost is real but quiet: a year of homestead missed, a portability window closed, an assessed value reset with nothing carried over, or a vesting structure that has to be undone with a new deed after closing.

The three markets read differently as relocation destinations, and recent Census Bureau estimates make the contrast concrete. Over the July 1, 2024 to July 1, 2025 period, St. Lucie County’s population increased by 10,857 people, roughly 90 percent of it driven by net domestic migration of 9,861, with another 1,353 from international migration, according to U.S. Census Bureau estimates reported by MIAMI REALTORS® + RWorld in May 2026. Over the same period, Palm Beach County’s growth was nearly flat, per Census Bureau estimates reported in August 2026.

That does not make one market better. It means they are at different points in a growth cycle, with different housing stock above $1,000,000 and different tax profiles, and a relocating buyer should choose on fit rather than on momentum.

A clear word on scope. This article is education. It is not legal, tax, accounting, or immigration advice, and it deliberately contains no conclusions about what any reader will owe, save, or qualify for. Residency, vesting, cross-border, and tax questions are decided by a Florida attorney and a CPA or tax advisor working with your actual facts. Jeannie’s role is to coordinate the real estate side of the transaction alongside those advisors and to make sure the real estate deadlines — closing date, homestead timing, document requests — line up with what they recommend.

Jeannie Jacobson is a Florida-licensed sales associate with RE/MAX Gold, based in Port St. Lucie, serving from St. Lucie County south into Palm Beach County. She is ranked among the Top 1% of Realtors in the United States based on annual production and is fluent in English and Spanish. You can learn more about Jeannie’s background and approach.

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Relocation

Why Relocating Buyers Choose Port St. Lucie, Palm Beach, and Boca Raton

The three markets share a state and a tax framework and differ in almost everything else: housing stock above $1,000,000, county, millage, travel access, and growth trajectory. Choosing among them is partly a lifestyle decision and substantially a carrying-cost decision.

Florida’s Prohibition on a State Personal Income Tax

Stated precisely: Article VII, Section 5 of the Florida Constitution prohibits the state from levying a personal income tax. That is a constitutional prohibition rather than a policy that changes with a legislative session.

Now the caution that most relocation content omits. Moving to Florida does not by itself resolve your former state’s claim on you. States apply their own residency and sourcing rules, some examine departing residents closely, and income earned or sourced elsewhere may remain taxable there regardless of where you sleep. Deferred compensation, equity awards, business interests, and the sale of a former residence all have their own treatment.

This guide does not quantify anyone’s savings and cannot. The exit from your former state is a CPA or tax attorney’s work, and it should begin before you close, not after. Engage advisors in both states.

Migration Data, Sourced

Over the July 1, 2024 to July 1, 2025 period, St. Lucie County’s population increased by 10,857 people. Net domestic migration accounted for 9,861 of that, roughly 90 percent, with net international migration adding 1,353 and a natural decrease of 280 as deaths exceeded births. Port St. Lucie accounted for approximately 84 percent of the county’s population increase. These figures are U.S. Census Bureau estimates as reported by MIAMI REALTORS® + RWorld in May 2026.

The county grew approximately 2.8 percent in that year, while Palm Beach County was nearly flat, per Census Bureau estimates reported in August 2026. Census QuickFacts places St. Lucie County’s July 1, 2024 population estimate at 390,670, an 18.7 percent increase from the April 1, 2020 estimates base.

Palm Beach County’s slower recent growth sits on a much larger base, and its municipalities remain substantially larger than at the start of the decade, with 2025 estimates of approximately 127,189 for West Palm Beach, 101,582 for Boca Raton, and 63,883 for Palm Beach Gardens. Separately, MIAMI REALTORS® has reported Palm Beach County ranking first in the nation for net inflow of income from domestic migration based on IRS tax data.

One additional datapoint on origin, reported by MIAMI REALTORS® + RWorld: driver license exchanges in St. Lucie County in the first quarter of 2026 showed increases compared with a year earlier from New York, up 16 percent, and New Jersey, up 25 percent.

Comparing the Three Markets for Relocation

Described factually, without ranking.

Port St. Lucie (St. Lucie County) offers the newest housing stock of the three above $1,000,000, concentrated in golf and club communities including PGA Village and newer master-planned development at Tradition and Riverland, plus riverfront on the St. Lucie River system. Master-planned areas frequently carry community development district assessments on the tax bill. Nearest major commercial airport is Palm Beach International, with Orlando International a longer alternative to the north. See the Port St. Lucie market overview and the broader St. Lucie County market page.

Palm Beach in this guide means the Town of Palm Beach, an incorporated municipality on the barrier island, where housing above $1,000,000 includes oceanfront and Lake Worth Lagoon estate property, condominiums, and cooperatives with board approval. Palm Beach International is the nearest major airport. The mainland Palm Beach County luxury corridor is a separate market and is named by municipality: see the Palm Beach Gardens market overview.

Boca Raton divides between the City of Boca Raton, largely east of I-95 including the oceanfront, Intracoastal, and downtown, and unincorporated Palm Beach County to the west, where large gated golf and country club communities use Boca Raton mailing addresses. That jurisdictional line changes millage, permitting, and municipal services, so it is a tax question as much as an address question. Palm Beach International and Fort Lauderdale-Hollywood International are both accessible. See the Boca Raton market overview.

On healthcare and daily logistics: each market has hospital and medical facilities serving it, and travel times vary substantially by time of day and by season, particularly from November through April. Drive the routes you would actually use — to work, to a preferred medical facility, to the airport — at the hours you would use them. On schools, public school assignment is set by address and changes; confirm current assignment for a specific address with the School District of Palm Beach County or St. Lucie Public Schools directly.

Sources. Population and migration figures: U.S. Census Bureau estimates for the July 1, 2024 to July 1, 2025 period, as reported by MIAMI REALTORS® + RWorld (May 2026) and in regional reporting (August 2026); Census QuickFacts, accessed September 2026. Housing stock descriptions are qualitative. No millage rate is quoted in this table — see Section 3 for how to obtain the actual rate for a specific parcel.

Keep exploring: Port St. Lucie market data for 2026

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Domicile

How Do You Establish Florida Residency and Domicile?

Domicile is established by intent and conduct, evidenced by documents rather than created by any single one of them. The usual evidence includes a homestead exemption, a Florida driver license, vehicle registration, voter registration, and a declaration of domicile.

No single filing is a switch. A collection of consistent actions, taken promptly and documented, is what advisors work with when a former state asks questions later.

The Declaration of Domicile

Under Fla. Stat. § 222.17, a person who maintains a place of abode in Florida and intends to maintain it as a permanent home may file a sworn declaration of domicile with the clerk of the circuit court in the county where they reside. For these markets that is the St. Lucie County Clerk of the Circuit Court and Comptroller or the Palm Beach County Clerk of the Circuit Court and Comptroller.

The declaration is a sworn statement of intent. It is one piece of evidence among many, not a determination of residency for any other state’s tax purposes. File it, keep the recorded copy, and treat it as one item in a file rather than as the answer.

Practical Residency Indicators

Florida government agencies administer several of the documents advisors commonly look to. In broad terms:

• Florida driver license through the Florida Department of Highway Safety and Motor Vehicles, which publishes its own requirements and timing for new residents.
• Vehicle registration and title in Florida, handled through the county tax collector serving as an agent of the state.
• Voter registration through the county supervisor of elections.
• Homestead exemption application with the county property appraiser, which requires permanent residence as of January 1 and is filed by March 1.
• Declaration of domicile with the clerk of the circuit court.

Advisors also commonly look at where you actually spend time, where your primary bank and professional relationships sit, where your estate planning documents are executed, and where dependents attend school. Confirm current requirements with each agency directly, since procedures and timing change.

Your Former State Still Has Rules

This is the part that gets underestimated. Some states examine departing residents carefully, applying their own day-count rules, domicile factors, and income-sourcing rules. Income connected to the former state may remain taxable there. Deferred compensation, equity awards, partnership interests, retirement distributions, and the sale of a former residence each have their own treatment.

This guide makes no claims about any particular state’s rules and quantifies no one’s savings. That work belongs to a CPA or tax attorney with expertise in both jurisdictions, engaged before the move rather than at the first filing season afterward. Ask them specifically what records they want you to keep and for how long.

The Six-Document Residency File

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Property Taxes

How Property Taxes Work on a $1M+ Florida Home

Your annual bill equals taxable value multiplied by the total millage for the jurisdiction, plus any non-ad valorem assessments. A purchase resets assessed value to just value as of the January 1 following the change in ownership, which is why the seller’s current bill tells you almost nothing about yours.

That reset is the single most consequential tax fact in a Florida relocation purchase, and it is the one most often discovered after closing.

Just Value, Assessed Value, Exemptions, Taxable Value

Four terms, applied in sequence:

• Just value is the property appraiser’s estimate of market value as of January 1.
• Assessed value is just value after any applicable assessment limitation. For a homestead that is the Save Our Homes cap; for non-homestead residential property it is the 10 percent cap on non-school levies.
• Exemptions — principally the homestead exemption — reduce assessed value.
• Taxable value is what remains, and it is multiplied by millage. A mill is $1 of tax per $1,000 of taxable value.

Note that exemptions apply differently across levies: the first portion of the homestead exemption applies to all levies including school taxes, while an additional portion applies only to non-school levies. That is why a bill shows different taxable values for school and non-school purposes.

Millage by Jurisdiction: Why the Same Price Produces Different Bills

Total millage is the sum of every taxing authority covering the parcel: county, municipality where applicable, school district, water management district, and any special districts. Those combinations differ by address, which is why a Town of Palm Beach address, a City of Boca Raton address, an unincorporated west Boca address, and a Port St. Lucie address can produce materially different bills at identical purchase prices.

This guide does not quote a millage rate for any of those jurisdictions. Published figures for them varied materially across the sources reviewed in September 2026, and an out-of-date or averaged rate produces a misleading estimate on a seven-figure purchase.

Get the number yourself, which takes minutes:

1. Identify the parcel on the county property appraiser’s site — the Palm Beach County Property Appraiser or the St. Lucie County Property Appraiser.
2. Locate the taxing authorities listed for that parcel and their current adopted or proposed rates. The Palm Beach County Property Appraiser publishes proposed millage for every taxing authority in its TRIM materials; the St. Lucie County Property Appraiser publishes the equivalent.
3. Use the appraiser’s tax estimator with your intended purchase price rather than the current assessed value.
4. Confirm your lender will escrow on the reassessed figure rather than the seller’s current bill.

That last step prevents a common and avoidable surprise: an escrow account funded from the prior owner’s bill produces a shortage and a payment increase in your second year.

Non-Ad Valorem and CDD Assessments

Non-ad valorem assessments are charged on a basis other than value and appear as separate line items on the same bill. They commonly include solid waste, drainage or water control district charges, fire assessments where applicable, and community development district assessments in master-planned communities.

A CDD assessment has two components that behave differently. Debt service repays bonds that funded infrastructure, runs for a defined term, and in many districts may be prepaid. Operations and maintenance funds ongoing district activity and continues indefinitely. Request both figures, the years remaining, and the remaining principal balance from the district or county records. Lenders generally count these in qualifying a buyer.

Homestead Exemption and Save Our Homes

The homestead exemption under Article VII, Section 6 of the Florida Constitution is available to a Florida permanent resident on the property owned and occupied as a permanent residence as of January 1, applied for with the county property appraiser on Form DR-501, generally by March 1.

The exemption has two parts. The first $25,000 applies to all levies including school taxes. A second portion of up to $25,000 applies to non-school levies only and is now indexed to inflation under the constitutional amendment approved by Florida voters in November 2024. Published figures for the 2026 indexed total varied across the sources reviewed in September 2026, so confirm the exact current amount with your county property appraiser rather than relying on any secondhand number.

Save Our Homes matters more than the exemption over time. It caps the annual increase in a homestead’s assessed value at 3 percent or the change in the Consumer Price Index, whichever is lower. For 2026 the applicable limitation has been reported at 2.7 percent, following 2.9 percent for 2025. On a $1,000,000-plus home held for a decade, the compounding effect of that cap typically exceeds the exemption itself by a wide margin.

One timing point worth stating plainly: the cap begins applying the year after you qualify, so year one is assessed at just value with the exemption applied, and the protection accrues from there.

The Non-Homestead 10 Percent Cap

Property that is not a homestead — a second home, a seasonal residence, an investment property — is subject to a 10 percent annual cap on assessed value increases for non-school levies. School levies are not subject to that cap.

It is meaningfully weaker protection than Save Our Homes, and it carries no exemption. For a relocating buyer purchasing a second home before making Florida their permanent residence, this is the applicable regime until homestead is established.

The TRIM Notice and the Value Adjustment Board

Each August, Florida property appraisers mail a Notice of Proposed Property Taxes, the TRIM notice. It shows just value, assessed value, exemptions, and the proposed millage from each taxing authority, along with hearing dates.

Read it carefully in the year after you buy, because that is the year your reassessment appears. If the just value exceeds what comparable sales support, you may petition the Value Adjustment Board, and the petition deadline is printed on the notice itself. The window is short and measured in days from the notice date — confirm the exact deadline on your notice rather than assuming. Contacting the property appraiser’s office first often resolves questions informally without a petition.

The November 3, 2026 Ballot Measure

Described factually and neutrally. Florida voters will decide a proposed constitutional amendment at the November 3, 2026 general election, placed on the ballot by the Legislature as HJR 1-F and appearing as Amendment 3.

As written, the measure would increase the homestead exemption applicable to non-school levies in stages, with reported figures of $150,000 and subsequently $250,000, leaving school district levies unaffected. Reporting indicates that if approved, the first increase would take effect January 1, 2027 and first appear on TRIM notices in August 2027. A proposed constitutional amendment requires approval by at least 60 percent of voters.

Provisions relating to residency timing have also been reported. Nothing takes effect unless voters approve it, this guide takes no position, and the measure’s terms and status should be confirmed from official sources before and after the election. Current law governs until any change is ratified and effective. Discuss any planning implications with your CPA or tax attorney rather than acting on a summary.

Illustration only. Figures are rounded and hypothetical, exclude portability, and exclude non-ad valorem assessments. The exemption’s indexed second portion should be confirmed with the county property appraiser. Actual results depend on the parcel, the applicable millage, the exemptions granted, and the assessment year. This is not tax advice; consult a CPA or tax advisor and your county property appraiser.

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Portability

Portability: Moving Your Save Our Homes Benefit Between Florida Homes

If you already hold a Florida homestead and are moving to another Florida home, portability can transfer your accumulated Save Our Homes benefit — up to $500,000 — to the new property. Without it, selling resets your assessed value to full just value on the next home.

This applies to a reader selling in Boca Raton and buying in Port St. Lucie, or the reverse, and it is frequently worth more than any other line item in the move.

How Portability Works: The Cap and the Window

Three numbers do the work: the $500,000 cap, the three-tax-year window, and Form DR-501T.

The benefit being transferred is the assessment difference — the gap between your prior homestead’s just value and its capped assessed value. Under Fla. Stat. § 193.155(8), you must have received a homestead exemption as of January 1 of one of the three immediately preceding years in order to claim it on the new homestead. The window was extended by Amendment 5, approved by Florida voters in November 2020; the $500,000 constitutional cap was unchanged.

Read the window carefully, because it is anchored to January 1 of tax years rather than to your closing date. Depending on when in the year you abandoned the prior homestead, the practical window can be shorter than three calendar years. Treat three tax years as a ceiling rather than a guarantee, and confirm your specific dates with the county property appraiser.

Portability is not automatic. You apply by filing Form DR-501T alongside your new homestead application, Form DR-501, generally by March 1 of the year you claim the new homestead. Where a homestead was co-owned by spouses, each spouse may have up to $500,000 of portability; confirm how that applies to your situation with the property appraiser and your attorney.

Upsizing Versus Downsizing

The calculation differs depending on whether the new home’s just value is higher or lower than the old one’s.

Upsizing. Where the new homestead’s just value is greater than or equal to the previous home’s just value, the entire accumulated Save Our Homes benefit may be transferred, subject to the $500,000 cap.

Downsizing. Where the new homestead’s just value is less than the previous home’s, a proportional calculation applies. In general terms, the portable amount is determined by applying the ratio of the prior benefit to the prior just value against the new home’s just value. County property appraisers publish worked examples of this calculation, and the Florida Department of Revenue publishes the governing forms. Confirm the method and the result with your county property appraiser before relying on a figure.

A Worked Illustration

Illustration only; hypothetical figures, no tax result calculated.

Assume a reader holds a Boca Raton homestead with a just value of $2,400,000 and a capped assessed value of $1,500,000. The accumulated Save Our Homes benefit is the $900,000 difference. They sell and purchase a $1,800,000 home in Port St. Lucie as their new permanent residence.

Because the new home’s just value of $1,800,000 is less than the prior home’s $2,400,000, this is a downsizing move and the proportional calculation applies rather than a straight transfer. The prior benefit represented 37.5 percent of the prior just value ($900,000 ÷ $2,400,000). Applying that ratio to the new home’s just value produces a portable amount of $675,000 — which exceeds the $500,000 constitutional cap, so the transfer would be limited to $500,000.

The new home’s assessed value would then be reduced from $1,800,000 by the transferred amount, before exemptions, with the actual tax determined by the applicable St. Lucie County millage for that parcel plus any non-ad valorem assessments. No tax figure is calculated here, because millage is parcel-specific and is obtained from the property appraiser.

Reverse the direction — selling in Port St. Lucie and buying a more expensive Boca Raton home — and the upsizing rule would generally allow the full accumulated benefit to transfer, still subject to the $500,000 cap. Verify your own numbers with the county property appraiser and your CPA.

The Five Portability Steps

Keep exploring: selling a home in Port St. Lucie

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Transaction Costs

Closing Costs and Transaction Taxes at the $1M+ Level

Florida’s transaction taxes are straightforward to compute and frequently surprise out-of-state buyers, particularly the taxes that apply only when financing. Who pays which item is a negotiable contract term, with local custom varying by county.

Documentary Stamp Tax on the Deed

Documentary stamp tax on the deed is $0.70 per $100 of consideration in counties other than Miami-Dade, which applies to both Palm Beach County and St. Lucie County. On a $2,000,000 sale that is $14,000.

Who pays is customarily the seller in most Florida counties, but custom is not law and every allocation is a negotiable contract term. Confirm the operative custom for the specific county with your closing agent and confirm what your contract actually says, since the contract governs regardless of custom.

Note Stamps and Intangible Tax for Financed Buyers

Two additional taxes apply only when there is a mortgage, and both fall on the buyer side:

• Documentary stamp tax on the promissory note at $0.35 per $100 of the loan amount.
• Nonrecurring intangible tax on the mortgage at 2 mills, or $2 per $1,000 of the loan amount.

A cash purchase avoids both, which is one reason cash buyers see a materially shorter closing statement.

Title Insurance

An owner’s policy protects your interest in the property; a lender’s policy protects the lender and is required on a financed purchase. Florida title insurance rates are promulgated, and a lender’s policy issued simultaneously with an owner’s policy is typically issued on a simultaneous-issue basis.

Who pays for the owner’s policy is negotiable and varies by county custom. Ask your closing agent for a written estimate for the specific transaction rather than applying a rule of thumb.

Association, Estoppel, and Club Costs

In association-governed and club communities, add: association capital contributions or transfer fees payable at closing under the governing documents; estoppel certificate fees, which are subject to statutory caps and a delivery deadline; and club transfer costs or capital contributions where a membership is involved.

Club capital in particular is generally not financed by a mortgage and must be planned as cash. In a layered master-planned community you may need an estoppel from more than one association.

Illustration only; actual costs depend on the contract and closing agent calculations. Deed stamps are computed at $0.70 per $100 of consideration in counties other than Miami-Dade. Loan-to-value of 75 percent is assumed solely to illustrate the financed-buyer taxes. The table excludes title insurance, survey, inspections, prepaid taxes and insurance, association and club costs, lender fees, and recording charges. Who pays each item is a negotiable contract term and local custom varies by county. Request a written estimate from your closing agent and a Loan Estimate from your lender.

Keep exploring: model a payment

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Ownership Structure

How Should You Take Title? Individual, Trust, or LLC

Vesting affects homestead eligibility, privacy in public records, creditor considerations, estate planning, and federal reporting. Choose it with a Florida real estate or estate planning attorney before closing, because changing it afterward requires a new deed, new signatures, and additional cost — and on a financed purchase, lender approval.

This section describes the structures generally. It reaches no conclusion about which fits any reader, because that answer depends on facts this article cannot see.

Individual and Joint Ownership

The simplest structure. Title is held in one or more individual names, and homestead is available to a Florida permanent resident who owns and occupies the property as a permanent residence as of January 1.

Where two or more individuals hold title, how the deed is worded determines what happens on death — whether an interest passes to a survivor or through the deceased owner’s estate. Florida also recognizes tenancy by the entireties, a form available to married couples with distinct survivorship and creditor characteristics. The specifics, and whether it fits, are questions for a Florida attorney.

Revocable Living Trusts

A revocable living trust is widely used in Florida for estate planning and probate avoidance. Title is held by the trustee, and the trust name rather than individual names appears in the recorded deed, which provides a measure of privacy in public records.

On homestead: Florida’s approach generally permits homestead exemption to be preserved where property is held in a revocable trust and the beneficiary occupies it as a permanent residence, subject to the trust’s terms and the property appraiser’s requirements. Requirements vary and property appraisers may request the trust agreement or a certification of trust. Confirm with both your county property appraiser and a Florida estate planning attorney before closing rather than assuming the exemption carries.

Lenders also have their own requirements for titling in trust. Raise it with your loan originator early, not at the closing table.

LLCs: Privacy and Liability Versus Homestead

An LLC provides privacy in the public record, since the entity name appears on the deed rather than the members’ names, and is used for liability separation, particularly on investment property.

The trade-off is homestead. The homestead exemption requires ownership by a natural person who resides at the property as a permanent residence, so property held in an LLC is generally not eligible. For a primary residence above $1,000,000, forfeiting both the exemption and the Save Our Homes cap is a substantial long-term cost that a privacy benefit may or may not justify.

Financing narrows as well: conventional residential lending to an entity is limited, and terms typically differ from consumer mortgage products. And, as described below, non-financed transfers to entities and certain trusts now trigger federal reporting by the closing agent.

Weigh these with a Florida attorney and a CPA together, because the privacy, liability, tax, and homestead considerations pull in different directions and the right answer depends on the whole picture.

Florida’s Constitutional Homestead Restrictions on Devise

Separate from the tax exemption, Florida’s Constitution places restrictions on how homestead property may be devised — that is, left by will — when the owner is survived by a spouse or a minor child. In general terms, those restrictions can limit or override what a will directs, and they operate regardless of the owner’s intentions.

This interacts directly with vesting and estate planning, and it surprises relocating buyers whose plans were drafted under another state’s law. Review your estate planning documents with a Florida estate planning attorney when you establish residency, and raise the homestead devise question specifically.

Federal Reporting for Entity and Trust Purchases

FinCEN’s Residential Real Estate Rule took effect March 1, 2026, following an extension from December 1, 2025. It requires certain reporting persons — generally the closing or settlement agent — to file a report on non-financed transfers of residential real property to legal entities and applicable trusts.

It does not apply to transfers to natural persons, and it does not apply to purchases financed through institutions subject to anti-money-laundering program requirements. Certain transfers are exempt, including those arising from death, divorce, or bankruptcy, and certain no-consideration transfers by an individual to their own revocable trust.

The practical effect for a buyer purchasing with cash through an entity or trust: expect the closing agent to collect beneficial ownership information, and build that into the timeline. It is a reporting obligation on the closing agent rather than a tax, but it takes time and it requires documentation.

A note on scope: this guide describes the rule generally and does not advise on its application. Confirm current requirements with your closing agent and a Florida attorney, since the rule’s implementation has already shifted once.

General description only, not legal or tax advice, and not a recommendation of any structure. Homestead eligibility, creditor protection, estate planning consequences, tax treatment, and reporting obligations depend on facts this table cannot capture and on rules that change. Consult a Florida real estate or estate planning attorney and a CPA before deciding how to take title, and decide before the closing package is prepared.

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International

International Buyers and Sellers: FIRPTA, Reporting, and Florida’s Foreign Principal Law

Cross-border purchases and sales add withholding, reporting, and documentation layers on top of an ordinary transaction. None of them is prohibitive, and all of them require advisors in both countries engaged before a contract rather than after.

Buying as a Non-U.S. Person

Non-U.S. persons purchase Florida residential real estate regularly. Financing is available from lenders that offer foreign national mortgage programs, typically with different documentation, down payment, and reserve requirements than domestic products; terms vary by lender and change. Discuss options with a licensed mortgage loan originator early, since fewer lenders offer these programs and processing timelines differ.

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to individuals who are required to have a U.S. taxpayer identification number but are not eligible for a Social Security number. It is commonly relevant to non-U.S. owners of U.S. real property for tax filing purposes. Whether and when you need one, and how to apply, is a question for a cross-border tax advisor, not for this guide.

One point stated plainly because it is frequently confused: owning property in Florida does not by itself confer any immigration status, visa, or right to reside in the United States. Immigration questions belong exclusively with a licensed immigration attorney. This guide gives no immigration advice.

Selling as a Non-U.S. Person: FIRPTA

Under the Foreign Investment in Real Property Tax Act, when the seller is a foreign person the buyer generally must withhold 15 percent of the amount realized and remit it. On a $3,000,000 sale, 15 percent of the amount realized is $450,000 withheld at closing.

Withholding is not the tax. It is a collection mechanism, and where it exceeds the actual tax liability the seller may apply for a withholding certificate on IRS Form 8288-B to reduce or eliminate the amount withheld. The application must be filed before closing to be useful, and the process takes time, so identify the issue at the listing stage rather than in the closing week.

Two practical notes. The obligation legally falls on the buyer as withholding agent, though the closing agent administers it in practice and collects certifications from all sellers. And tax status must be determined for every party on title, including where title is held by a trust or entity. Work this through with a CPA or tax advisor experienced in FIRPTA.

Canadian Owners

Canadian ownership in these markets is common, and Jeannie has represented buyers from Canada; published client reviews on the site reflect that activity, and you can read verified client reviews.

What this guide will say about the tax side is limited and deliberate: cross-border tax and estate issues exist, they differ from purely domestic ones, and they require advisors qualified in both countries. Rental income treatment, withholding on sale, estate and succession planning, currency and reporting obligations, and the interaction between the two countries’ systems are all real considerations. No conclusions about any of them are offered here. Engage a cross-border accountant and, where estate planning is involved, counsel in both jurisdictions, before you write an offer.

Florida’s Foreign Principal Conveyance Law

Florida restricts certain purchases of real property by persons and entities tied to designated foreign countries of concern under Fla. Stat. §§ 692.201 through 692.205, and requires a buyer affidavit at closing. The closing agent administers the affidavit as part of the closing package.

Described strictly by its terms: the statute identifies specified categories and requires an attestation from the buyer. Whether and how it applies to a particular buyer or ownership structure is a legal question for a Florida real estate attorney, and this guide does not attempt to answer it or to generalize about buyers from any country. The statute has been the subject of litigation; confirm its current status and application with counsel.

Wire Transfers From Abroad

International wires add timing and verification steps that domestic transactions do not have. Build in extra days: correspondent banking, currency conversion, and compliance review can each add time, and a wire initiated on the closing date may not arrive on the closing date.

The fraud warning applies with equal force and greater stakes. Verify wiring instructions by telephone with your closing agent, using a number you obtained independently, before sending any funds. Never rely on instructions or changes received by email alone, and treat any last-minute change as fraudulent until confirmed by voice with someone you know. Confirm the receiving bank’s requirements for international wires in advance, including any intermediary bank details.

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Timeline

A Relocation Timeline That Works: From Sale Up North to Keys in Florida

A relocation purchase has two transactions, several advisors, and two hard dates — January 1 and March 1. Sequencing them deliberately is the difference between a clean move and a year of homestead missed.

Sequencing the Sale and the Purchase

Few buyers close both transactions on the same day, and the gap has to be bridged somehow. The common approaches, described generally:

• Sell first, then buy, renting or staying temporarily in between. It removes financing contingency risk and strengthens your offer, at the cost of moving twice.
• Buy first, then sell, which requires carrying both properties for a period, whether through cash, a bridge facility, or another arrangement. Discuss feasibility and cost with a licensed mortgage loan originator before assuming it is available.
• A rent-back on the departing home, allowing you to close the sale and remain briefly as a tenant while the Florida purchase completes. Terms, insurance, and liability should be documented by an attorney.
• A contingent offer, conditioning the Florida purchase on the sale of the current home. At this price point, sellers weigh contingencies against certainty, so understand how it affects your competitive position.

Which fits depends on your liquidity, your tolerance for carrying two properties, and the markets on both ends. This is a conversation for your lender and your financial advisor, and it should happen before you tour.

Timing the Closing Around January 1 and March 1

Two dates govern homestead, and they are not the same date.

January 1 is the qualifying date. You must own the property and occupy it as your permanent residence as of January 1 of the tax year in which you claim the exemption. March 1 is the filing deadline for that tax year.

The practical consequence: a buyer who closes in, for example, February and occupies immediately did not own and occupy the property on January 1 of that year, so the exemption would generally first be available for the following tax year, filed by March 1 of that following year. A buyer who closes in the autumn and is in residence by January 1 can file by March 1 for that year.

There is a limited statutory late-filing route in Florida, and counties publish the operative date; one county property appraiser has identified the third Monday in September for the current tax year. Do not plan around late filing. Confirm both the deadline and any late-filing provision with your county property appraiser, and confirm your own dates with your CPA. If portability is involved, remember that its window runs from January 1 of the year the prior homestead was abandoned.

Capital Gains on the Home You Are Leaving

Under Internal Revenue Code Section 121, a taxpayer who has owned and used a home as a principal residence for periods aggregating at least two of the five years before the sale may generally exclude a limited amount of gain from income, with a larger amount available to qualifying married taxpayers filing jointly. At luxury price levels, gain frequently exceeds the exclusion.

Basis adjustments for capital improvements, selling expenses, and any prior depreciation all affect the result. A 1031 exchange applies to investment or business property, not to a primary residence, so it is not a tool for the home you are leaving if it was your residence.

These are individualized tax questions with no general answer. Work them through with a CPA before you sign a contract on either end, because some options are only available in advance.

Insurance and Hurricane Season Timing

Hurricane season runs June 1 through November 30. Two operational facts matter to a relocation closing.

First, carriers commonly suspend binding new coverage while a named storm is active in the basin, which can delay a closing that depends on an insurance binder. Second, on a $1,000,000-plus home the coverage generally comes from admitted high-value carriers or the surplus lines market rather than from the state insurer of last resort, and quotes are individually underwritten on roof age, construction, opening protection, and flood zone.

Obtain address-specific quotes the day you go under contract, through a licensed Florida insurance agent, rather than treating insurance as a closing-week item. Flood is separate from homeowners coverage and must be quoted separately.

The Eight-Step Relocation Sequence

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FAQ

FAQ: Relocation, Taxes, and Ownership

Does Florida have a state income tax?

No. Article VII, Section 5 of the Florida Constitution prohibits the state from levying a personal income tax, which is a constitutional prohibition rather than a policy subject to annual legislative change. That said, moving to Florida does not by itself resolve your former state’s claim on you. States apply their own residency and income-sourcing rules, some examine departing residents closely, and income connected to your former state may remain taxable there. Deferred compensation, equity awards, business interests, and the sale of a former residence each have their own treatment. Engage a CPA or tax attorney familiar with both states before you move rather than after.

How do I establish Florida residency after buying a home?

Domicile is established by intent and conduct, evidenced by documents rather than created by any single filing. The usual evidence includes applying for the homestead exemption with your county property appraiser, obtaining a Florida driver license, registering your vehicles in Florida, registering to vote, and filing a declaration of domicile under Florida Statutes Section 222.17 with the clerk of the circuit court in your county. Advisors also consider where you actually spend time and where your primary relationships sit. Update estate planning documents with a Florida attorney, since documents drafted under another state’s law may not operate as intended here. Keep a dated file of everything.

How much is the Florida homestead exemption in 2026?

The exemption has two parts. The first $25,000 applies to all levies including school taxes. A second portion of up to $25,000 applies to non-school levies only and is now indexed to inflation under the constitutional amendment Florida voters approved in November 2024. Published figures for the 2026 indexed total varied across sources reviewed in September 2026, so confirm the exact current amount with your county property appraiser rather than relying on a secondhand number. Over time the Save Our Homes cap usually matters more than the exemption itself, limiting annual assessed-value increases to 3 percent or the change in CPI, whichever is lower.

How are property taxes calculated after I buy a $2 million home in Palm Beach County?

Your bill equals taxable value multiplied by the total millage for that specific parcel, plus non-ad valorem assessments. Critically, a purchase resets assessed value to just value as of the January 1 following the change in ownership, so the seller’s current bill does not predict yours. Total millage is the sum of every taxing authority covering the parcel, which is why a Town of Palm Beach address, a City of Boca Raton address, and an unincorporated west Boca address differ at the same price. Use the Palm Beach County Property Appraiser’s tax estimator with your intended purchase price, and confirm your lender escrows on the reassessed figure.

How does Save Our Homes portability work when I move to another Florida home?

Portability transfers your accumulated Save Our Homes benefit, the gap between your prior homestead’s just value and its capped assessed value, up to a $500,000 cap. Under Florida Statutes Section 193.155(8) you must have received a homestead exemption as of January 1 of one of the three immediately preceding years. Because the window is anchored to January 1 of tax years rather than to your closing date, the practical window can be shorter than three calendar years. If the new home’s just value equals or exceeds the old one’s, the full benefit may transfer subject to the cap; if it is lower, a proportional calculation applies. File Form DR-501T with your homestead application.

When do I need to close to claim homestead next year?

You must own the property and occupy it as your permanent residence as of January 1 of the tax year you are claiming, and file by March 1 of that year. So a buyer who closes in the autumn and is in residence by January 1 can file by March 1 for that year. A buyer who closes in February of a given year generally did not meet the January 1 test for that year, so the exemption would first be available the following tax year. Florida has a limited statutory late-filing route and counties publish the operative date, but do not plan around it. Confirm your specific dates with your county property appraiser and CPA.

How much is the documentary stamp tax on a $3 million home in Florida?

Documentary stamp tax on the deed is $0.70 per $100 of consideration in counties other than Miami-Dade, which applies to both Palm Beach County and St. Lucie County. On a $3,000,000 sale that is $21,000. Who pays it is customarily the seller in most Florida counties, but custom is not law and the allocation is a negotiable contract term, so confirm what your contract says. If you are financing, two additional taxes fall on the buyer side: documentary stamp tax on the promissory note at $0.35 per $100 of the loan amount, and nonrecurring intangible tax on the mortgage at 2 mills. A cash purchase avoids both.

Can I claim homestead if I buy my Florida home in a trust or an LLC?

The answer differs sharply between the two. Florida’s approach generally permits the homestead exemption to be preserved where property is held in a revocable living trust and the beneficiary occupies it as a permanent residence, subject to the trust’s terms and the property appraiser’s requirements, which may include producing the trust agreement or a certification of trust. Property held in an LLC is generally not eligible, because homestead requires ownership by a natural person residing at the property, so an LLC typically forfeits both the exemption and the Save Our Homes cap. Decide vesting before the closing package is drafted, with a Florida attorney and a CPA.

Do foreign buyers pay extra taxes to buy a home in Florida?

Buying does not carry a special purchase tax for non-U.S. buyers; documentary stamp taxes and recording charges apply the same way. The cross-border considerations arise elsewhere. Financing typically comes through foreign national mortgage programs with different documentation and down payment requirements. An Individual Taxpayer Identification Number may be relevant for tax filing purposes. Florida law also requires a buyer affidavit at closing under Florida Statutes Sections 692.201 through 692.205, which restrict certain purchases by persons and entities tied to designated foreign countries of concern. Owning property does not confer any immigration status. Engage a cross-border tax advisor and a Florida attorney before writing an offer.

What is FIRPTA withholding when a foreign owner sells a Florida home?

Under the Foreign Investment in Real Property Tax Act, when the seller is a foreign person the buyer generally must withhold 15 percent of the amount realized and remit it. The reduced 10 percent rate applies only to certain residence purchases at $1,000,000 or less, so it does not apply in this price band. Withholding is a collection mechanism rather than the tax itself, and where it would exceed the actual liability the seller may apply for a withholding certificate on IRS Form 8288-B, which must be filed before closing to be useful. Determine tax status for every party on title early, including trusts and entities, and work with a CPA experienced in FIRPTA.

Can Canadians buy luxury homes in Port St. Lucie, Palm Beach, or Boca Raton?

Yes. Canadian ownership in these markets is common, and Jeannie has represented buyers from Canada, as published client reviews on the site reflect. What requires planning is the cross-border tax and estate side, which differs from a purely domestic purchase. Rental income treatment, withholding on an eventual sale, estate and succession planning, currency transfers, and reporting obligations in both countries are all genuine considerations, and this guide offers no conclusions on any of them. Engage a cross-border accountant, and counsel in both jurisdictions where estate planning is involved, before writing an offer. Build extra time into closing for international wire transfers.

How does Jeannie Jacobson help relocating buyers coordinate with their attorney and CPA?

Jeannie Jacobson is a Florida-licensed sales associate with RE/MAX Gold, based in Port St. Lucie, serving from St. Lucie County south into Palm Beach County. She is ranked among the Top 1% of Realtors in the United States based on annual production, was voted the 2022 and 2023 People’s Choice Award for Treasure Coast Favorite Realtor, and is fluent in English and Spanish. Her role on a relocation purchase is the real estate side: aligning the closing date with the January 1 and March 1 homestead dates your CPA identifies, flagging the vesting decision before the closing package is drafted, and sequencing due diligence and insurance. Legal and tax conclusions come from your own advisors.

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Conclusion: Decisions in Order

Relocating to Florida and buying a luxury home in Port St. Lucie, Palm Beach, or Boca Raton works best as a sequence rather than a shopping trip. Choose the market, establish residency deliberately, model the property tax bill on your purchase price, decide how to take title before the closing package is drafted, handle any cross-border requirements early, and time the closing against January 1 and March 1.

The three markets differ on the variables that matter here. Port St. Lucie sits in St. Lucie County, has the newest housing stock above $1,000,000, and frequently carries community development district assessments on the tax bill that must be read as two separate components. Recent Census Bureau estimates show the county growing about 2.8 percent in the year to July 1, 2025, with roughly 90 percent of that growth from net domestic migration.

Palm Beach and Boca Raton both sit in Palm Beach County, whose growth was nearly flat over that same period on a much larger base. Within the county, the jurisdiction decides the millage: a Town of Palm Beach address, a City of Boca Raton address, and an unincorporated west Boca address are three different tax situations at the same purchase price. This guide quotes no millage rate for any of them, deliberately — published figures conflicted, and the number that matters is the one on the county property appraiser’s site for your specific parcel.

Two deadlines are worth carrying away. January 1 is the ownership-and-occupancy test for homestead, and March 1 is the filing deadline, with Form DR-501T alongside it if you are porting a Save Our Homes benefit within the three-tax-year window and the $500,000 cap.

And one boundary. Nothing here is legal or tax advice, and no figure in this article should be applied to your situation without a Florida attorney and a CPA looking at your actual facts. That is not a formality — residency, vesting, and cross-border questions genuinely turn on details this article cannot see.

If you are planning a move and want the real estate side sequenced correctly around what your advisors recommend, that conversation is worth having before you tour anything.

This article is general real estate education reflecting information believed accurate as of September 2026. It is not legal, tax, accounting, financial, insurance, lending, or immigration advice, and it contains no individualized conclusions about any reader’s tax liability, savings, eligibility, or residency status. Florida statutes, exemption amounts, assessment limitations, millage rates, filing deadlines, federal reporting requirements, and ballot measure outcomes change; verify each with the applicable county property appraiser, clerk of court, and state or federal agency. Owning real property does not confer immigration status. Market, population, and migration figures are drawn from the sources named in the text and vary by reporting period. Tax illustrations are hypothetical and labeled. No specific price, timeline, tax outcome, exemption approval, insurance premium, or result can be guaranteed. Real estate compensation is negotiable and set by written agreement; no rate is standard or established by law. Consult a Florida real estate or estate planning attorney, a CPA or tax advisor qualified in the relevant jurisdictions, a licensed Florida insurance agent, a licensed mortgage loan originator, and, for immigration questions, a licensed immigration attorney. Equal Housing Opportunity. We comply with the Federal Fair Housing Act and the Florida Fair Housing Act.

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Jeannie Jacobson, REALTOR® | RE/MAX Gold | Ranked among the Top 1% of Realtors in the United States
Trusted Port St. Lucie / Port Saint Lucie Real Estate Agent ( Buyer’s & Listing Agent )
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