Florida's Homestead Portability: What Every Homeowner Should Know
Posted by Jen Dollar on
Thinking of upgrading or downsizing your home in Florida? If your current property has been your homestead, there’s a valuable tax benefit you may not want to leave behind. It’s called Homestead Property Tax Portability, and it can save you thousands when transitioning to a new home.
What Is Homestead Portability?
Homestead portability allows Florida homeowners to transfer the tax savings from their current homestead property to a new homestead within the state. These savings stem from the Save Our Homes (SOH) benefit, which limits how much your home’s assessed value can increase each year—capped at 3% or the Consumer Price Index (CPI), whichever is lower. Over time, this creates a gap between your home’s market value and assessed value, which can…
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