Homestead Portability: Transferring Your Florida Homestead Cap to Your New Home

Property owners with Homestead Exemption  in Florida also receive a benefit known as the “Save Our Homes” cap. The Save Our Homes cap limits increases in the annual assessment of a home to a maximum of 3% regardless of the increase in Market Value.

Homeowners can transfer (or PORT) the difference between the assessed and market values from their previous Florida Homestead Property (known as the Homestead Assessment difference) to another Homestead Property up to $500,000.   Therefore, if you currently have a homestead property and you purchase a new property, then you can potential carry over the savings to the new homestead property.

If you desire to “port” a benefit from your prior homestead, you must fill out a DR-501T “Transfer of Homestead Assessment Difference” when you file an application for your new homestead exemption. If you have already applied for the homestead exemption, you can download the application, complete, and submit to the Property Appraiser.  You should apply for Portability when you apply for the new homestead exemption. The deadline is March 1st.

After you apply, your previous Property Appraiser will issue a “Certificate of Portability” DR-501R which will be mailed back to your new Property Appraiser to calculate your portability amount and apply the benefit to your new parcel value.  If you do not qualify based on the DR-501R received from your previous Property Appraiser, you will be notified by July 1st of the applicable tax year. No notice is mailed if you qualify. You will find, listed on our website, the value difference due to the Portability benefit being applied.

Do I have to sell my home before I can qualify for portability? No, you only need to abandon your existing homestead, meaning you may still own the property but no longer receive an exemption on the property for the year you are attempting to get portability. Should you abandon your homestead, or move, you must notify this office as soon as

Do I have to purchase a new property to get the portability benefit? No, if you already own another property (2nd home, beach house, etc.) you can abandon the homestead from the old property and apply for homestead and the portability benefit on the new property.

Do I have to sell my home before I can qualify for portability?  No, you only need to abandon your existing homestead, meaning you may still own the property but no longer receive an exemption on the property for the year you are attempting to get portability. Should you abandon your homestead, or move, you must notify this office as soon as possible.

Infinity Realty Group
20 S Main St #260
Winter Garden
,
FL
34787

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