What is homestead “portability” for Save Our Homes?
The “Save Our Homes” (SOH) Amendment in Floridas Constitution was intended to prevent homeowners from being taxed out of their homes due to rapidly rising real estate values. It met that goal, but caused many other problems along the way. That is why Florida voters adopted a “portability” constitutional amendment in January 2008 to allow eligible homesteaded owners to move savings from one property to the next. Homesteaded owners may now move their Save Our Homes (SOH) benefit — up to $500,000 — from one homesteaded property to the next within Florida. To be eligible to move these SOH savings, the new Homestead must be established within two years of the abandonment of Homestead at the previously Homesteaded property. Owners of Homesteaded properties sold (or “abandoned as homestead”) after January 1, 2007, are eligible to move their SOH savings to a newly purchased property so long as the owner obtains homestead on the new property within the strict period allowed by law (see above)
The “Save Our Homes” (SOH) Amendment in Floridas Constitution was intended to prevent homeowners from being taxed out of their homes due to rapidly rising real estate values. It met that goal, but caused many other problems along the way. That is why Florida voters adopted a “portability” constitutional amendment in 2008 to allow eligible homesteaded owners to move savings from one property to the next. Homesteaded owners may now move their Save Our Homes (SOH) benefit — up to $500,000 — from one homesteaded property to the next within Florida. To be eligible to move these SOH savings, the new Homestead must be established within two tax years of the “abandonment” of Homestead at the previously Homesteaded property. Owners of Homesteaded properties sold (or “abandoned as homestead”) are eligible to move their SOH savings to a newly purchased property so long as the owner obtains homestead on the new property within the strict period allowed by law (see above). Portability applies to
The “Save Our Homes” (SOH) Amendment in Floridas Constitution was intended to prevent homeowners from being taxed out of their homes due to rapidly rising real estate values. It met that goal, but caused many other problems along the way. That is why Florida voters adopted a “portability” constitutional amendment in 2008 to allow eligible homesteaded owners to move savings from one property to the next. Homesteaded owners may now move their Save Our Homes (SOH) benefit — up to $500,000 — from one homesteaded property to the next within Florida. To be eligible to move these SOH savings, the new Homestead must be established within two tax years of the “abandonment” of Homestead at the previously Homesteaded property. Owners of Homesteaded properties sold (or “abandoned as homestead”) are eligible to move their SOH savings to a newly purchased property so long as the owner obtains homestead on the new property within the strict period allowed by law (see above). Portability applies to
