What is Portability?
Portability is a new law that allows previously homesteaded property owners in Florida to transfer, or “port,” a portion or all of the “Save Our Homes” benefit from your previous home to a new home.
If your new home’s market value is higher than your old home’s market value, you may transfer the entire “Save our Homes” benefit (difference between the market and assessed values of your old home) to your new home. This amount would be subtracted from the market value of your new home to create a new assessed value.
If your new home’s market value is lower than your old home, you may transfer the benefit as a percentage (the difference as a percentage of the old market value) and apply that to your new home’s market value.
You may not port more than $500,000. If you are establishing a new homestead exemption and wish to “port” the SOH benefit from your previous home, you may be eligible for portability if you had a homestead exemption on your previous home in either of the two preceding Tax Roll years. Be aware that this is not two years between sale and purchase dates