In 2008, the Florida voters approved Constitutional Amendment 1, which included Portability. Homestead property owners will be allowed to transfer their “Save Our Homes” (SOH) benefit (up to $500,000 of the difference between the Market Value and the Assessed Value) to a new Homestead property. A Portability Application is required at the time of filing a Homestead exemption
If Homestead property owners moved prior to January 1, 2007, they are not eligible for Portability.
Starting from January 1st, 2021, property owners who sell their Homestead, have up to 3 years to transfer the Assessment Limitation to a new Homestead.
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If the new Homestead’s Just Value is more than the old Homestead, this is “Upsizing.”
~ Example of Portability Calculation if “Upsizing” ~
|
Old Homestead |
|
|
New Homestead |
|
|
Just Value: |
$250,000 |
|
Just Value: |
$400,000 |
|
Assessed Value: |
-150,000 |
|
SOH Cap (Deferral): |
-100,000 |
|
SOH Cap (Deferral): |
$100,000 |
|
Assessed Value: |
$300,000 |
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If the new Homestead’s Just Value is less than the old Homestead, this is “Downsizing” and the percentage of the accumulated benefit may be transferred to the new Homestead.
~ Example of Portability Calculation if “Downsizing” ~
|
Old Homestead |
|
|
|
|
Just Value: |
$250,000
|
|
|
|
Assessed Value: |
- 150,000
|
|
|
|
SOH Cap (Deferral): |
$100,000
|
|
|
New Assessed Value is calculated using a
Ratio between the Old Homestead Assessed Value and the Just Value
$150,000 ÷ $250,000 ═ 60%
New Homestead
Just Value: $200,000 X Ratio: 60 % ═ Assessed Value: $120,000
