In November 2020, Florida voters statewide voted to guarantee homesteaded property owners always receive a minimum of two years to transfer (port) their “Save Our Homes” Benefit, effective January 1, 2021.

According to realtor Estelia Mesimer, at the time the portability amendment was passed, the bottom had fallen out of the real estate market, making it nearly impossible for many homeowners to realize the saving they accrued over the time they owned their property. Now that market has rebounded portability is a benefit that homeowners who either upsize or downsize can take advantage of.

Top 10 Portability Frequently Asked Questions

1. Let’s start off with the definition. What is Portability?
Portability, also known as the “Transfer of Homestead Assessment Difference”, is the ability to transfer the dollar benefit of the Homestead CAP from one Homestead to another. The Homestead CAP is the difference between market value and assessed value, often known as the Save Our Homes Benefit.

2. Do you have to sell your home before you can qualify for portability?
No. You only need to abandon or give up your existing homestead, meaning you may still own the property but no longer receive a homestead exemption on the property for the year you are attempting to get portability.

3. Do you have to purchase a new property to get the portability benefit?
No. If you already own another property (2nd home, beach house, etc.) and establish your new homestead, you can remove (abandon) the homestead from the old property and apply for the portability benefit.

4. Would your CAP amount be “portable” if you move to another county in Florida?
Yes. Portability is effective throughout the state.

5. When should you apply for portability?
You typically apply for portability when you apply for the homestead exemption. There is a separate application for portability in addition to the homestead application.

6. How to apply for portability.
Fill out the DR-501T “Transfer of Homestead Assessment Difference” application when you file an application for your new homestead exemption. If you have already applied for the homestead exemption, you can download the application from our website, complete and submit it to your county’s Property Appraiser’s office.

7. Is the Portability application different from the Homestead application?
Yes. Presently these are two different applications and both must be completed to receive both homestead and portability.

8. What is the maximum amount that can be ported (transferred)?
$500,000 of value difference between Just/Market Value and Assessed Value

9. How is the portability amount impacted by an upsizing or downsizing in Just/Market Value?

• Upsizing: If the just/market value of the new homestead is greater than or equal to the previous home’s just/market value, the entire SOH benefit value can be transferred up to the $500,000 limit.
• Downsizing: If the just/market value of the new homestead is less than the previous home’s just/market value, a percentage of the accumulated SOH benefit can be transferred, subject to the $500,000 limit. For example, moving from a property with a Just/Market Value of $300,000 down to one at $180,000 would result in 60% of the SOH benefit amount being eligible for transfer to the new homestead ($180,000 / $300,000 = 60%).

10. When is the deadline to apply for Portability?
Must be submitted by March 1st of the year being applied for.

If you would like to find out how portability impacts your specific piece of property, get in touch with Estelia so you can find out what benefits will be available to you in the event you upsize or downsize your homesteaded property.

Related Links:
Save Our Homes (SOH)
Understanding Rules of Portability
Save Our Homes Assessment Limitations and Portability Transfer

St. Petersburg Communities

If you’re interested in any of these of communities or live in one of them and are thinking of selling, call Estelia today!

Allendale Terrace
Bahama Shores
Bayway Isles
Coquina Key
Crescent Heights
Crescent Lake
Downtown
Greater Pinellas Point
Historic Kenwood
Historic Old Northeast
Historic Roser Park
Historic Uptown
Isla del Sol