What is Portability in the State of Florida?
First, check out the definition of portability.
Portability means to move, to transfer and yes, you are moving from one Florida property location to another Florida location to receive this tax benefit. Portability transfers all or part of your homestead assessment difference. Portability saves your tax savings on your residential property you have accumulated over the years.
Your Homestead Assessment difference transfer (“portability”) allows eligible Florida homestead owners to transfer their Save Our Homes (SOH) assessment from their old residence to their new homestead property, lowering the assessed value for the new homestead.
Everyone loves lowering their property taxes, so this is an amazing tool for Florida homeowners. (SOH) allows you to transfer all or a significant portion of your tax benefit, up to $500,000, from a Florida home with a homestead exemption to a new Florida home that qualifies for a homestead exemption. The portability amount is determined by subtracting the assessed value of the former home from its market value.
Your first step is obtaining Homestead Exemption on your property. Welcome to having a computer and the internet, being able to file your Homestead Exemption online. You need to send to the property appraiser's office a copy of your driver's license and your voter registration to qualify, both documents are registered for your current permanent address. Once approved, you will notice on your tax record your homestead will show 100%. A Florida taxpayer automatically receives Save our Homes protection starting the year after acquiring a Homestead Exemption.
Portability is an equation and the Portability calculator can usually be found on the county appraiser's website. You need to submit a portability application with your new homestead Exemption application.
