Authoritative definitions of the terms that matter in Northeast Florida real estate transactions. Save Our Homes, CDD bonds, homestead, Citizens, flood zones, and more. Each entry includes a clear definition, NE Florida examples, and common questions.
Florida's 3% cap on annual assessed value increases for homesteaded primary residences. Resets at ownership transfer — the trap that catches most new buyers.
Read → DefinitionThe $50,000 reduction in assessed value for Florida primary residences. Saves typical Jacksonville homeowners $565-$650 per year.
Read → DefinitionTransfer up to $500,000 of Save Our Homes benefit from prior Florida homesteaded property to new primary residence.
Read → DefinitionWhat you actually pay versus the nominal millage rate. NE Florida ranges from 0.93% (St. Johns) to 1.30% (some Duval).
Read → DefinitionAugust's 'Truth in Millage' mailer — the only warning you get before tax rates are set.
Read → DefinitionThe unit Florida taxes are actually set in — one mill is $1 per $1,000 of taxable value.
Read → DefinitionFlorida's three-value system — and why the gap between them is where all the tax savings live.
Read → DefinitionThe 10% cap on second homes and investment property — with two carve-outs owners forget.
Read → DefinitionFlorida's 'greenbelt' law — farmland taxed on use value, not market value.
Read →Florida's state-backed insurer of last resort. Now insures 1.4 million Florida properties.
Read → DefinitionFlorida inspection that documents wind-resistance features. Typical savings: 5-25% on homeowners premium.
Read → DefinitionFlorida's separate hurricane deductible, typically 2-10% of dwelling coverage, that applies only to hurricane events.
Read → DefinitionFlorida-specific insurance inspection of roof, electrical, plumbing, HVAC. Required by most carriers for homes 20+ years old.
Read → DefinitionThe FEMA survey document that can cut a flood premium — or reveal why one is high.
Read → DefinitionThe safety net when a Florida property insurer fails — with caps every policyholder should know.
Read → DefinitionThe 'non-admitted' market insuring what Florida's regulated carriers won't — with two big trade-offs.
Read → DefinitionThe contractor-claims mechanism Florida spent a decade fighting over — and largely ended in 2023.
Read →FEMA high-risk flood zone with established Base Flood Elevation. Flood insurance required for federally-backed mortgages.
Read → DefinitionFEMA coastal high-risk zone subject to wave action. Highest flood insurance premiums in the system.
Read → DefinitionFEMA minimal-risk zone. Flood insurance not required for mortgages but recommended.
Read →The water surface elevation expected during a 100-year flood. Drives flood insurance premium calculation.
DefinitionFEMA's official correction when a building was mapped into a flood zone it doesn't belong in.
Read → DefinitionThe rule that decides whether a flood-zone home can be renovated — or must be brought up to code.
Read → DefinitionFlorida's state permitting line along the beach — seaward of it, DEP rules govern what you can build.
Read →Community Development District bonds that fund infrastructure in Florida master-planned communities. $1,200-$2,400 annual assessment typical.
Read → DefinitionThe association's official payoff statement — required at closing in any HOA or condo sale.
Read → DefinitionTwo different bills, two different legal animals — and most new-construction buyers owe both.
Read → DefinitionThe one-time buyer charge at closing that isn't dues, isn't escrow, and surprises almost everyone.
Read →How long current inventory would take to sell at current pace. Jacksonville currently at 5.2 months.
Read → DefinitionHow long a typical home takes to go under contract. Jacksonville median DOM in 2026: approximately 64 days.
Read → DefinitionHow close homes sell to asking price. Jacksonville's 2026 ratio is approximately 96.7% — a meaningful negotiation signal.
Read → DefinitionFlorida MLS's oddest status — the home is under contract but still shows as active.
Read → DefinitionHow fast a market eats its inventory — the single number behind 'buyer's' vs. 'seller's' market talk.
Read → DefinitionWhy every serious housing dataset reports medians — and when the average still earns its keep.
Read →Florida sets title premiums by state-promulgated formula — but who pays them is pure county custom.
Read →Florida escrow practices, deposit handling, and the closing agent's role.
DefinitionFlorida's transfer tax on deeds — the largest single line on most sellers' closing statements.
Read → DefinitionThe lesser-known tax on Florida mortgages — $2 per $1,000 borrowed, due at recording.
Read → DefinitionThe Florida-specific search for debts a title search can't see — open permits, code liens, unpaid utilities.
Read → DefinitionWhat the lender's appraisal costs in Florida, what the appraiser does, and what happens when it comes in low.
Read →Typical Florida closing costs broken down by line item. Buyer vs. seller split.
Required buyer-broker written agreement under the NAR settlement effective August 2024.
DefinitionFlorida's most-used purchase contract — and 'AS-IS' doesn't mean what most buyers fear.
Read → DefinitionThe buyer's cancel-for-any-reason window — the single most important date in a Florida contract.
Read → DefinitionThe good-faith deposit that anchors a Florida contract — and the rules for when it's truly at risk.
Read → DefinitionThe clause that protects a financed buyer's deposit — with deadlines that do the real work.
Read → DefinitionFlorida's enhanced life estate deed — passing the home at death without probate, while keeping full control.
Read →Warranty vs. special warranty vs. quitclaim — what each promises, Florida's two-witness rule, and recording.
Read → DefinitionWhat a lien on a house is, the six kinds Florida owners meet, how to find one, and how it clears at closing.
Read →Florida's mandatory structural inspection for aging condos — the law that reshaped the condo market.
Read → DefinitionThe study that ended 'waiving reserves' for Florida condo structure — and repriced older buildings.
Read → DefinitionThe extra bill beyond regular dues — and the defining risk in today's Florida condo market.
Read → DefinitionFlorida's statutory reading window for condo buyers — 3 days on resale, 15 from a developer.
Read →The builder incentive of this cycle — paying points to cut the buyer's rate, temporarily or for good.
Read → DefinitionBuilt before it's sold — the builder inventory where the real negotiations happen.
Read → DefinitionThe decision framework — with the Florida-specific costs that change the usual answer.
Read →IRS provision allowing capital gains deferral on like-kind real estate exchanges. Investor planning tool.
Capitalization rate. Net operating income divided by property value. The investor's primary yield metric.
Gross Rent Multiplier. Property price divided by gross annual rent. Quick investment screening tool.
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