Portability, also known as the “Transfer of Homestead Assessment Difference”, is the ability to transfer the dollar benefit of the Homestead CAP from one Homestead to another. The Homestead CAP is the difference between market value and assessed value, often known as the Save Our Homes Benefit.
If you are moving from a previous Florida homestead to a new homestead in Florida, you may be able to transfer, or “port,” all or part of your homestead assessment difference. If you are eligible, portability allows most Florida homestead owners to transfer their SOH benefit from their old homestead to a new homestead, lowering the tax assessment and, consequently, the taxes for the new homestead. To transfer the SOH benefit, you must establish a homestead exemption for the new home within three years of January 1 of the year you abandoned the old homestead (not three years after the sale). You must file the Transfer of Homestead Assessment Difference with the homestead exemption application. The deadline to file these forms is March 1.
Contact your local property appraiser's office in person or online. Apply for Homestead and then file for the Transfer of Homestead Assessment Difference (AKA Portability).
No. However, all the recipients of the homestead exemption must abandon the previous homestead exemption before the assessment limit is ported.
No, if you already own another property (2nd home, beach house, etc.) you can abandon the homestead from the old property and apply for homestead and the portability benefit on the new property.
No. You must file the Transfer of Homestead Assessment Difference with the homestead exemption application for the new home. The deadline to file these forms is March 1.
Portability is limited to a person’s ownership share and cannot exceed $500,000.
If your new residence has a higher market value than your former residence, the portability amount is determined by subtracting the assessed value of the former home from its market value. For example, if the market value of your previous home is $250,000, but the assessed value is $150,000 because of the SOH benefit, then the assessed value of your new home will be reduced by $100,000, and the 3 percent SOH cap will continue on that portion of your new home’s assessed value. Broward County offers an online portability calculator at https://bcpa.net/PortabilityCalc.asp
If the new residence has a lower market value, you can transfer a percentage of the difference from your previous property to your new home. Broward County offers an online portability calculator at https://bcpa.net/PortabilityCalc.asp
To transfer your assessment difference you must have established a new homestead on or before January 1 of the third year after abandoning your previous homestead.
All owners of a jointly owned previous homestead must abandon that homestead in order for the assessment difference to be transferred, meaning, the other person(s) would have to authorize you to take a portion of the portability benefit by abandoning their homestead and then reapply for their portion of homestead and portability.
Both husband and wife must abandon the previous homestead before the assessment limitation can be ported. Also, Florida law allows a husband and wife to assign their port differences over to each other.
The highest assessment limitation differential from either of the prior homesteads is eligible to transfer, subject to $500,000 max and downsizing provisions.
No, portability applies only if you had a State of Florida homestead exemption within the past 2 years.
