Florida homeowners who have built up a Save Our Homes assessment difference may be able to carry some of that benefit with them when moving to another qualifying Florida homestead.
This is known as portability.
Eligible homeowners may be able to transfer up to $500,000 of accumulated Save Our Homes assessment difference to a new qualifying Florida homestead.
Why Does Portability Matter?
Over time, the assessed value of a homesteaded property may grow more slowly than its market value because of the Save Our Homes cap.
That difference can become valuable.
When an eligible homeowner sells one Florida homestead and establishes another, portability may allow all or part of that accumulated assessment difference to be transferred.
It can potentially affect the assessed value — and therefore the property-tax picture — of the new home.
Is It Automatic?
No.
You still need to establish Homestead on the new qualifying property and address portability separately where applicable.
Because eligibility depends on the homeowner’s circumstances, the Palm Beach County Property Appraiser should be the authoritative resource for the application process.
Flight School Takeaway
If you already own a Florida homestead and are planning a move, do not overlook portability.
It may be one of the most important property-tax considerations in your next purchase.
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