Assessed Value Portability in Florida
Assessed value portability allows Florida homeowners to transfer their Save Our Homes (SOH) assessment differential to a new homestead property, preserving years of accumulated tax savings when moving within the state.
How SOH Portability Works
Florida's Save Our Homes amendment caps annual assessment increases on homestead property at 3% or the CPI, whichever is lower. Over time, this creates a significant gap between the property's market value and its assessed value. Portability under Section 193.155(8) allows homeowners to carry up to $500,000 of this gap to their new homestead, reducing the starting assessed value.
Application Requirements
Homeowners must file a portability application with the property appraiser in the county where the new homestead is located by March 1. The new homestead must be established by January 1, and the application must be filed within three tax years of abandoning the prior homestead. Late applications cannot be accepted, making compliance with these deadlines critical to preserving the benefit.
Related Terms
- Homestead Exemption
- Ad Valorem Tax
- Assessment Cap
Barnes Walker Real Estate
Barnes Walker advises Florida homeowners on portability and property tax strategies. Contact our real estate team for guidance.
Florida Law Reference
Art. X, § 4, Fla. Const.; Fla. Stat. Ch. 196
Florida's homestead exemption provides up to $50,000 in property tax relief and constitutional protection from forced sale by most creditors. The Save Our Homes amendment caps annual assessment increases at 3%.
Fla. Stat. Ch. 193
Governs the assessment of real and personal property for ad valorem taxation, including the determination of just value by the county property appraiser.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC