What is portability?

Florida’s property tax
portability allows homeowners to transfer some or all of their "Save
Our Homes" (SOH) property tax savings to a new home when they sell
their current home. The SOH benefit limits the annual increase in the
assessed value of a primary residence to 3% or the rate of inflation,
whichever is lower, which helps homeowners avoid sharp increases in
property taxes as home values rise.

Here’s how portability works:

Eligibility: You must have homestead exemption on your current Florida
home. When you sell it and buy a new one, you can transfer your SOH
benefit to the new property within 3 years.

Transfer Amount: The amount you can transfer depends on the difference
between the market value (just value) and the assessed value of your
current home. If you’re moving to a new home of equal or greater
value, you can transfer the full difference (up to $500,000). If the
new home is of lesser value, you can transfer a proportionate amount.

How It Works: Let’s say your old home has a market value of $500,000
and an assessed value of $300,000. That gives you a $200,000 SOH
benefit. If you move to a new home worth $600,000, you can transfer
that $200,000 benefit, reducing the assessed value of your new home to
$400,000. If your new home is worth less than your old one, you
transfer a percentage of the benefit instead.