Florida’s Save Our Homes (SOH) provision allows you to transfer all or a significant portion of your tax benefit, up to $500,000, from a Florida home with a homestead exemption to a new home within the state of Florida that qualifies for a homestead exemption. This is referred to as “portability.”
For any questions, contact our portability staff at 561.355.2866 for more information.
Qualifying for Portability
To qualify for portability and transfer your assessment difference, you must establish your new residence on or before January 1 of the third year after abandoning your previous homestead.
Find out how much homestead exemption savings you have accumulated with our Portability Calculator.
Applying for Portability
The deadline to file an application for portability is March 1.
Apply for portability when you apply for homestead exemption on your new property. You can even E file for portability when E filing for your homestead exemption.
If you have already filed for a homestead exemption and need only to file for portability, click here for the Portability Application (PDF).
If our office denies your portability application, you will have an opportunity to file an appeal with Palm Beach County’s Value Adjustment Board.How Portability Works
If your new residence has a higher market value than your former residence, the portability amount is determined by subtracting the assessed value of the former home from its market value.
For example, if the market value of your previous home is $250,000, but the assessed value is $150,000 because of the 3% SOH cap, then the assessed value of your new home will be reduced by $100,000, and the 3% SOH cap will continue on that portion of your new home’s assessed value.
If the new residence has a lower market value, you can transfer a percentage of the difference from your previous property to your new home.
Sound complicated? Don’t worry, we handle the math for you.
Joint Ownership and Spouses
If you and your spouse (or former spouse) would like to designate shares of the homestead assessment difference, then you must file a Designation of Ownership Shares (PDF) form before you file your portability application.
All owners of a jointly owned previous homestead must abandon that homestead in order for the assessment difference to be transferred.