The ability to transfer the savings benefit of the homestead property assessment
limitation (defined in FS
193.155), known as “Save Our Homes” (SOH) and described as the dollar value difference between
market value and assessed value, or the percentage thereof from one existing
homestead to another new homestead
when do I apply for “portability”?
You apply for portability when you
are applying for homestead exemption using Form DR-501T (Transfer of Homestead Assessment
Difference). This application is in addition to the homestead exemption
you have already applied for the homestead exemption, you can download the
application from our website, or request a copy from our office, and submit the
completed application to the Property Appraiser.
porting your savings from another county:
upon submission, the form will be sent to the Property Appraiser of your
previous homestead for verification. Your previous Property Appraiser will issue
a “Certificate of Portability” (DR-501R) and return the form to your new
Property Appraiser for calculation of your portability benefit.
the formula used to determine the
amount available for “portability”?
If you are upsizing
(buying home with higher
just market value than previous home) please refer to the following
Previous Home Valued @ $400,000
and Assessed @ $200,000 (SOH Value) $400,000 - $200,000 = $200,000 (Portable
Home Valued @ $500,000 - $200,000 (Portable Amount) = $300,000 (New Assessed
Value for New Home)
If you are downsizing
(buying home with lower just
market value than previous home) please refer to the following
Home Valued @ $400,000 minus Assessed Value @ $300,000 (SOH Value) = $100,000 divided by
$400,000 (Existing Home Value) = 0.25 portability (or 25% eligible to “port” to new property)
Home Valued @ $300,000 X 0.25 (25% eligible to “port”) = $75,000 (portability amount) | $300,000 minus $75,0000 = $225,000 (Assessed Value of New Homestead)
What are the effective dates
“portability”, the new additional homestead exemption and $25,000 Tangible
Personal Property exemption?
The 2008 tax year - beginning January 1, 2008 - will be the
first year taxpayers are eligible to apply for the new changes listed above.
If I sold
my property in 2006 can I qualify for “portability”?
Unfortunately not, the law only allows portability
for any property with a homestead in 2007 moving forward -
and allows up to 2 years to use
the portability beginning with tax year 2007.
If I owned
property with another owner and they still live in my previous home can I apply
The law requires the previous
exemption be forfeited before you can “port” any portion of the assessment cap
benefit. Meaning, the remaining owner may not receive the full benefit and must
re-apply. The “port” would be a portion
of the savings dependent on how many owners were on the deed.
Do I have
to purchase a new property to be eligible for the portability benefit?
No, if you already own another property
(2nd home, beach house, etc.) and establish your homestead at that address with
required documentation for the 2008 tax year - you can remove the homestead from
the old property and apply for the portability benefit on the newly established
Can I also
apply for additional exemptions such as widows/widowers, disability or senior’s
exemption if I use “portability”?
Yes, “portability” refers to
adjusting the assessed value of the new homestead property; you may still apply
for any additional exemptions that you may be eligible.
What is the maximum SOH savings
benefit I can “port” to my new property?
The maximum amount you can port is $500,000.
in subsequent years the taxable value on the Tangible Personal Property exceeds
the $25,000 exemption, then the property owner would be required to file a