Unlocking Savings: How Florida's Save Our Homes and Portability Tax Benefit Homeowner"

Understanding Florida's Save Our Homes (SOH) Benefit and Portability Tax

Florida offers homeowners unique opportunities to save on property tax assessments, especially with the Save Our Homes (SOH) benefit. Introduced in 1992, this program was designed to protect homeowners from significant increases in property taxes caused by rising real estate values. In 2008, Florida expanded this benefit by adding the Portability Tax, which became law in 2011, allowing homeowners to transfer their tax savings when moving within the state.

How Portability Works

Portability enables homeowners to transfer all or part of their SOH benefit—the difference between a property’s assessed value and its market value—from one home to another. This transfer reduces the assessed value of the new home, resulting in lower property taxes.

Eligibility Requirements

To qualify for the SOH benefit and portability, homeowners must meet these criteria:

• Move within the state of Florida.
• Have a homestead exemption on their current residence.
• Establish a new homestead exemption within three years of abandoning the old one.

Example Scenario

Suppose you purchased your current home five years ago for $250,000, and the assessed value is now $200,000. If you sell your home for $450,000, the difference between the assessed value and market value is $250,000—your SOH benefit.

Now, you buy a new home for $500,000. By transferring the $250,000 SOH benefit, your new home’s assessed value would be reduced to $250,000. With the standard $50,000 homestead exemption applied, your taxable assessed value would be $200,000. Additionally, under SOH rules, annual increases to the assessed value are capped at 3%.

How to Apply

Applying for the SOH portability benefit is simple:

1. File the Transfer of Homestead Assessment Difference form with your County Property Appraiser’s Office.
2. Submit your application by March 1st of the first year after moving.

This program is available statewide and can be applied across county lines, offering significant tax savings to eligible Florida homeowners.

Take Advantage of Florida’s Tax Benefits

The Save Our Homes benefit and Portability Tax are powerful tools for protecting Florida homeowners from rising property taxes. Whether upgrading, downsizing, or relocating within the state, this program ensures that you can carry your tax savings with you, making your next move more affordable.

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