Florida’s Save Our Homes cap limits how much a homesteaded property’s assessed value can increase each year, which is why many long-time owners end up with an assessed value far below market value. What a lot of buyers and sellers don’t realize is that this gap doesn’t have to disappear when you move. Through a provision called portability, Florida homeowners can transfer some or all of that accumulated tax savings to a new homestead anywhere in the state.
What Portability Actually Transfers
Portability doesn’t move your tax bill, it moves the dollar difference between your prior home’s market value and its assessed value, up to a cap of $500,000. If your old home had a market value of $600,000 and an assessed value of $350,000, you’d have $250,000 in Save Our Homes savings eligible to carry over to your next Florida homestead.
Upsizing vs. Downsizing
The math works differently depending on whether your new home costs more or less than your old one. If you’re moving up in value, your new assessed value is simply the new market value minus your portable amount. If you’re downsizing, the county applies a ratio: your new assessed value equals your new market value multiplied by (old assessed value divided by old market value). Either way, your county property appraiser calculates the exact figure for you, you don’t need to do the math yourself.
Timing and Paperwork
To port a benefit, you generally need to establish your new homestead within two years of giving up the old one, and you can go no more than one tax year without a homestead exemption in between. The portability application, Form DR-501T, is filed with your new county’s property appraiser alongside your new homestead exemption application, with a filing deadline of March 1. Approval typically shows up on your TRIM notice later that year, and if a request is denied, you can request a review or petition the county’s Value Adjustment Board.
Why This Matters in South Florida
With home values across Miami-Dade and Broward having climbed significantly over the past decade, many longtime owners are sitting on substantial Save Our Homes savings without realizing it travels with them. That matters whether you’re downsizing after the kids move out, relocating closer to work, or simply trading up to a bigger home within Florida. It’s worth asking about your portable amount before you list your current home, since it can meaningfully change what your new property tax bill actually looks like.
This article is for general information only and isn’t tax or legal advice. Portability rules and calculations can vary by situation, so confirm your specific numbers and deadlines with your county property appraiser’s office or a qualified tax professional before making a move.