Portability Details
The Florida Constitution was amended, effective January 1, 1995, to limit annual increases in assessed value of property with Homestead Exemption. Known as ‘Save Our Homes’, the law prevents assessed value of homestead property from increasing more than 3% annually. The accumulated tax savings that may result from the difference between assessed value and how much the property would sell for in the current market (just value) is referred to as the ‘Save Our Homes’ benefit.
Florida's Portability Law (193.155(8), F.S.) is a benefit associated with homestead property. Portability allows property owners to transport the accumulated ‘Save Our Homes’ benefit (up to $500,000) earned on a previous homestead property (in any Florida county) to their new home as long as the new homestead is established within three years of relinquishing the old homestead.
Back to Exemptions Available Page
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Amount: |
Transferred benefit % depends on the just value of the new home purchased and may not exceed $500,000. |
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How to Apply: |
Apply using the Online Exemption Filing Application. You may also apply in person or by mail / fax / email. |
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Eligibility: |
Applicant must have legal or equitable title to the property as of January 1st. Property owner and spouse (if married) must also occupy the home and consider it their primary residence as of January 1st. The new homestead must be established within three years of relinquishing the old homestead. |
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Documentation: |
Proof of FL residency (FL Driver License, Current Utility Bill, School Location, Bank Account Address, etc.) |
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How to Renew: |
N/A - Benefit is transferred once |
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Florida Statute(s): |
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DOR Form(s): |
If submitted by mail/fax or in person Department of Revenue Form DR-501T |
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PA Code(s): |
N/A |
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Note(s): |
Portability Frequently Asked Questions F.S.196.131(2) Any person who knowingly and willfully gives false information for the purpose of claiming Homestead Exemption as provided for in this chapter is guilty of a misdemeanor of the first degree, punishable as provided by F.S. 775.082 (term of imprisonment not exceeding one year) or a fine not exceeding $5,000 or both. F.S.191.161(1)(b) Any property owner who knowingly received Homestead Exemption and was not entitled thereto for ten (10) prior years, is subject to a fine plus penalties for any or all of the prior ten years. |