Floridians value the benefits of Save Our Homes as established by our Florida Constitution. With the addition of Portability, the benefits of Save Our Homes can be transferred to new residential homestead property.
Portability (Amendment One to Florida’s Save Our Homes) allows owners of residential real property with a homestead exemption to transfer the assessment benefit of Save Our Homes when moving from one homestead property to another. The differential is calculated by separate formulas depending upon whether the transfer is to a more or less expensive home.
In the case when someone is moving to a more valuable property, the differential that can be moved is the difference between the former home’s market value and its Save Our Homes assessed value (not to exceed a $500,000 differential). The amount of the differential that can be transferred by a homeowner who is moving to less valuable home, is a pro rata share of the differential of the old home based upon the just value of the new home as a percentage of the just value of the old home, not to exceed $500,000 (market value of new home/market value of former home to establish percentage) multiplied by the assessed value of the immediate prior homestead.
Note the porting of any benefit requires the abandonment of the existing homestead exemption. The owner must apply for and qualify for homestead exemption on the newly purchased property and the homestead exemption must be acquired within two years of the abandonment of the previous homestead.
What to take with you to the Property Appraiser: Driver’s License, Voter’s Registration, Vehicle Registration, Copy of Utility Bill and Warranty Deed for the new home. You will have to apply in person and provide your social security numbers.
If you have more questions about Florida Homestead Portability, or other Estate Planning and Tax matters, you can contact us for a free consultation.
