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 →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 →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.
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 →Florida title insurance protects against title defects. Florida rate is set by statute; closing-attorney structure differs from many states.
Florida escrow practices, deposit handling, and the closing agent's role.
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.
Florida deed type that transfers ownership interest without warranties. When to use vs. warranty deed.
Florida deed type that warrants clear title. Default for most arms-length sales.
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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