Exemptions

       

Portability
 





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 1, 2007, property owners who sell their Homestead, have up to 2 years to transfer the Assessment Limitation to a new Homestead.

  • 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
  • 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



 
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