Florida Real Estate: What Is Portability and How Can It Save You Money?

Buying your next Florida home? Portability could save you thousands in taxes.

Here’s what you need to know.

What Is Portability?

In Florida, Portability lets you transfer some of your Homestead tax savings from one primary home to another.

It applies when:

• You had Homestead Exemption on your old home
• You establish Homestead Exemption on your new home

Why It Matters

Homestead Exemption caps your home’s annual value increase at 3% (Save Our Homes Act).

Over time, this creates a “Save Our Homes benefit” — the difference between:

• Assessed value (for taxes)
• Market value (what it’s really worth)

You can transfer up to $500,000 of that benefit to your new home.

Who Qualifies for Portability?

• Florida residents with Homestead Exemption on old and new properties
• Must move within 3 years of abandoning the previous Homestead
• Applies to primary residences only

How to Apply

1. File for Homestead Exemption on new home
2. Complete the DR-501T Portability Application
3. Submit both to your county property appraiser by March 1st

Check your county’s site for forms and online options.

Example of Tax Savings

Old Home:

• Market Value: $400,000
• Assessed Value: $250,000
• Save Our Homes Benefit: $150,000

New Home:

• Market Value: $550,000
• Portability Applied: -$150,000
• New Assessed Value: $400,000 (instead of $550,000)

That means lower property taxes starting year one.

Final Thought

Portability is Florida’s hidden tax break for loyal homeowners.

Don’t leave savings on the table.

📞 Call Michael Renick at 941.400.8735 to review your eligibility and apply on time.

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