What is Portability?
The ability to transfer the savings benefit of the homestead property assessment limitation (defined in FS 193.155), known as Save Our Homes (SOH) and described as the dollar value difference between market value and assessed value, or the percentage thereof from one existing homestead to another new homestead property.
Portability allows owners of homesteaded property to transfer some of the tax savings they have accrued on their property under the “Save Our Homes” law. “Save Our Homes” caps annual increases in the assessed value of a home (homesteaded property) at 3% or less. If you have lived in your home for a while, your assessed value will likely be lower than your market value. The difference between the market value and your assessed value is called the “differential” or “savings”. The new law allows you to apply that savings (up to $500,000) to reduce the assessed value on a new homestead. Portability is retroactive to January 1, 2007. In other words, you are eligible if you had a homestead exemption on your previous home in 2007 and are granted a homestead exemption on your new home for the 2008 tax roll. In future years, you will be able to transfer your “Save Our Homes” benefit to a new home if you had a homestead exemption on your old home in Florida in either of the two years preceding t
Portability provides for the transfer of accumulated Save-Our-Homes benefit (up to $500,000) to a new homestead within one year and not more than two years of relinquishing the previous homestead. If filing for a new homestead exemption for the current year, the previous homestead must have been relinquished in the prior year.
Portability provides for the transfer of accumulated Save-Our-Homes benefit (up to $500,000) to a new homestead within one year and not more than two years of relinquishing the previous homestead. If filing for a new homestead exemption for 2008, the previous homestead must have been relinquished in 2007.
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