Selling a Home? What You Need to Know
If you are moving from one Florida homesteaded property to another, read on for valuable information!
- Port your Save Our Homes Benefit
A provision of Florida’s Save Our Homes (SOH) Amendment to the State Constitution allows homesteaded property owners to port (transfer) the accumulated difference between assessed value and the just/market value to a new home within the state of Florida that qualifies for a homestead exemption. This is effectively an additional exemption over and above the standard homestead exemption.
The process of moving this SOH differential from one property to another is referred to as “Portability." The criteria for porting the SOH benefit is specific and must be applied for. Visit us or call for more information
- Portability Time Limits
You must apply before March 1 in the year after your purchase to have your SOH benefit transferred from one property to another. During the November 3rd, 2020 election, voters approved to expand the portability window from two to three tax years effective January 1, 2021. Therefore, the time limit to port is 3 tax years from January 1 of the last qualified homestead exemption, not 3 years from the date of sale. In other words, the 3 tax year limit is not calculated from the specific sale date of the property, it starts from January 1 of the sale year.
- Exemptions Need to Move Too
If moving to a new home, you must apply for homestead exemption at the new home as the exemption doesn’t automatically transfer. If the new home already has an exemption, it belongs to the previous owner and will be removed in the following tax year, so be sure to apply before March 1 in the year after your purchase.