Understanding Portability

Portability, in Florida, is the transfer of all, or a significant portion, of your ‘Save Our Home’ benefit due to a homestead exemption on your current homesteaded property to a new home that qualifies for a homestead exemption as well (up to $500,000). 

This means that when selling your home and purchasing a new one, you won’t lose the tax benefits accumulated while having a homesteaded property; lowering the tax assessment and, consequently, the taxes for the new homestead.

If your new residence has a higher market value than your former residence, the portability amount is determined by subtracting the assessed value of the former home from its market value. If the new residence has a lower market value, you can transfer a percentage of the difference from your previous property to your new home.

To transfer the SOH benefit, you must establish a homestead exemption for the new home within three years of January 1 of the year you abandoned the old homestead (not three years after the sale).

You must file the Transfer of Homestead Assessment Difference (Form DR-501T) with the homestead exemption application. The deadline to file these forms is March 1. Check your county's property appraiser website to find additional terms and application.

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