Portability Extended to Three Tax Years
Portability allows eligible Homesteaded property owners to pay less in property taxes on their new home by moving their “Save Our Homes” savings (up to $500,000) from one Florida property to another Florida property when establishing Homestead Exemption on the new property. Beginning with property owners who establish a new Homestead Exemption for tax year 2021, applicants may now transfer portability savings from a Homestead Exemption held in any of the three immediately preceding tax years. To be eligible to move this SOH benefit, the new property must receive Homestead Exemption within three tax years – not calendar years – of the “abandonment” of the Homestead Exemption at the previous property.
Note: Homestead Exemption and Portability do not automatically transfer. You must apply for Homestead Exemption on the new property and submit a Portability application. Portability does not require you sell your previous home, but merely for you to no longer receive the Homestead Exemption on it.