What It Means for You
Thinking of moving but worried about losing your property tax savings? Florida has a unique benefit called Save Our Homes (SOH) Portability that just might ease your concerns.
If you're a Florida homeowner with a homestead exemption, you've likely enjoyed the protection of the Save Our Homes cap, which limits how much your home’s assessed value can increase each year (no more than 3%, or the percentage change in the Consumer Price Index—whichever is lower). Over time, this can result in a large gap between your market value and assessed value, saving you thousands in property taxes.
But what happens when you sell your home and buy another?
Enter Portability
Portability allows you to transfer the tax savings (called the "SOH benefit") from your current homestead to a new one within Florida. This means you won’t lose the value of years of property tax savings when you move.
Here’s a quick example:
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Market value of your home: $500,000
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Assessed value: $400,000
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SOH benefit: $100,000
That $100,000 savings can be applied to your next Florida home, reducing your new assessed value—and your tax bill.
Key Facts About SOH Portability
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You can transfer up to $500,000 of your SOH benefit.
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You must establish the new homestead within three years of abandoning the old one.
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You need to file Form DR-501T along with your new homestead exemption application.
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The benefit can be transferred anywhere in Florida.
Whether you’re downsizing, upsizing, or just relocating within the state, portability helps preserve your tax advantage and may significantly reduce your future property tax bill.
Downsizing vs. Upsizing
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Buying a less expensive home? You’ll get a proportional transfer of your SOH benefit.
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Buying a more expensive home? You can transfer the full amount, up to the $500,000 limit.
How to Apply
To take advantage of portability:
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Apply for a homestead exemption on your new property.
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Submit Form DR-501T to your county property appraiser.
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Be mindful of deadlines—the new homestead must be established within 3 years of abandoning the previous one.
Why It Matters
For Florida homeowners, portability can be a game changer—especially for those who have lived in their current home for many years and are hesitant to move due to potential tax increases. It rewards long-term residents by making moves within the state more affordable.
Thinking of making a move?
If you're planning to sell your home and stay in the Jacksonville and Beaches area of NE Florida, I can help you navigate the process and ensure you're making the most of programs like Save Our Homes Portability. While I don’t offer tax or legal advice, I work with trusted professionals and can point you in the right direction for personalized guidance.
Let’s talk about your next move!