Florida Tax Portability
Florida's "Save Our Homes" law is a massive benefit for homeowners. When you move, "Portability" allows you to take those savings with you to your next house.
The Short Answer
Portability allows you to transfer up to $500,000 of your "Save Our Homes" tax benefit from one Florida homestead to another. This can save you thousands of dollars per year on your new property taxes.
The Real Problem
The "Time Limit." You must have had a homestead exemption on your previous home in one of the three preceding years. If you wait too long to buy your next home, you lose the portability benefit entirely.
How Portability Works
Upsizing (More Expensive Home)
You transfer the 100% of your tax benefit (the difference between Market Value and Assessed Value) to the new home.
Downsizing (Less Expensive Home)
You transfer a percentage of the benefit based on the ratio of the new home's value to the old home's value.
Tax Portability Framework
To successfully "port" your taxes, you must:
- Be a Florida resident with a primary residence (Homestead).
- Apply for the new Homestead Exemption by March 1st of the year you move.
- Complete the "Form DR-501T" (Transfer of Homestead Assessment Difference).
Note: We work with local Florida tax experts to ensure your mortgage escrow is calculated correctly based on your ported benefit.