'Portability' in Florida refers to the ability of a property owner to transfer some or all of the 'Save Our Homes' benefit on a previous homestead to a newly established homestead. A homeowner must have a Homestead Exemption in place on their current residence to qualify for Portability. The law was passed as a constitutional amendment in January 2008. The 'Save Our Homes' benefit is the difference between the assessed value and market value of a homestead property due to the annual limit on increases in assessed value.
Effective January 1, 2021, state law allows you to transfer your 'Save Our Homes' benefit to a new home if you had the homestead exemption on your old home in either of the three tax roll years preceding the year for which you established your new homestead. While a property owner may file for portability in later years; time limits do apply - You may transfer the difference between the assessed and market values (CAP) from your previous homestead as of January 1 of either of the three immediately preceding years. In other words, you may only go two tax years without having a homestead exemption in order to transfer your CAP.
The amount is either transferred in its entirety or as a percentage depending on the value of the new property.
Upsizing- if the just value (market value) of the new homestead is more than the previous home's value, the entire Save Our Homes (SOH) benefit can be transferred.
Downsizing- if the just value of the new home is less than the previous home's just value (market value), a percentage of the accumulated SOH benefit can be transferred.
You may not transfer more than $500,000.
Homestead Exemption and Spouses
Husband and wife abandoning a jointly titled property may designate shares of the homestead assessment difference by filling a Designation of Ownership Shares of Abandoned Homestead form (DR-501TS). To qualify to make such a designation, the husband and wife must be married on the date that the jointly owned property is abandoned.
Portability forms are available below or by calling the Property Appraiser's Office Customer Service/Exemptions Division at (904) 255-5900 Applications can be mailed to: Property Appraiser's Office, Customer Service/Exemptions Division, 231 E. Forsyth Street, Suite 260, Jacksonville, Florida 32202, and postmarked by March 1, 2023. They will also be accepted by email to firstname.lastname@example.org or by fax to (904) 255-7963.
If you already applied for a homestead exemption on your new home, you must complete a separate portability application by March 1, 2023 to transfer the 'Save Our Homes' benefit. Or you may file for both by March 1, 2023.
Applications filed after March 1st, 2023 are considered late. Late applications will be accepted through the 25th day following the mailing of the Notices of Proposed Property Taxes in August.