SAVE OUR HOMES – PORTABILITY
Florida’s Portability law allows property owners to transfer their “Save Our Homes” benefit earned on a previous Homestead property to their new Homestead property.
Homestead Exemption does NOT automatically transfer from property to property. If you did have a Homestead Exemption last year on another property and moved, you are required to file a new application for the new residence to obtain the transferable portability amount to your new property.
The maximum “Save our Homes” amount that can be transferred is $500,000 if you are “Upsizing” or remaining at the “current appraised Market Value level” when comparing the Prior Home’s Market Value to the New Home’s Market Value. If that is the case, you may receive up to the full $500,000 benefit depending on your current portable amount.
If you are downsizing your home’s value, the portable amount available will be apportioned at a determined rate that is based on the Prior Home’s Market Value, (divided by) the New Home’s Market Value. For example, if the Prior Home’s Market Value is $250,000 and the New Home’s Market Value is $150,000, the rate would be calculated at ($150,000 / $250,000) or 60%. If your portable amount is $75,000, times the calculated rate of 60%, your portable deduction amount for would be $45,000. All “Market Values” in the above scenarios are based on the “Appraisers Office established Market “, not what you feel your home is worth. This may also be challenged with a petition in certain circumstances – Please contact our office for additional information on increasing your portability amount.
Please note that Values are constantly changing and estimating Portability amounts can be difficult. For the most accurate estimation please contact your local Property Appraiser’s Office.
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