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.
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, cons…
Jupiter Farms is an unincorporated community located in Palm Beach County.
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