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This is probably the most underused benefit available to Florida homeowners who are thinking about moving. And honestly, it surprises even longtime Florida residents when we explain it.

It’s called property tax portability, and if you’ve built up a lot of Save Our Homes benefit in your current home, it could save you thousands of dollars a year in your new home.

What Is Property Tax Portability?

Remember how we talked about Florida’s Save Our Homes cap, which limits your assessed value increase to 3% per year? Over time, if you’ve been in your home for many years, the gap between your assessed value and your actual market value can be very large.

That gap is called your “benefit.” And Florida law allows you to take up to $500,000 of that benefit with you when you move to a new primary residence in Florida.

This is portability.

A Real Example

Let’s say your current home has a market value of $450,000 but thanks to Save Our Homes, your assessed value is only $280,000. Your benefit is $170,000.

When you buy a new home in Florida, you can apply that $170,000 benefit to reduce the assessed value of your new home. Instead of your $380,000 new home being assessed at $380,000, it might be assessed at $210,000 in the first year. That’s a massive property tax reduction.

How to Claim It

You apply for portability at the same time you file for your homestead exemption at the property appraiser’s office. The key requirements:

You must have had a homestead exemption on your previous home

You must apply for homestead exemption on your new Florida home

You must file by March 1 of the applicable tax year

The transfer must happen within 3 years of abandoning your previous homestead

Why This Matters for Downsizers Specifically

Many of our empty nester clients have been in their homes for 10 to 20 years. Their portability benefit is enormous. We’ve seen clients reduce their new home’s assessed value by $200,000 or more, resulting in property tax savings of $3,000 to $5,000 per year.

That changes the financial math of downsizing significantly. It means your new, smaller home may cost considerably less to own annually than you’d initially calculated based on current market values.

Want help estimating your portability benefit and what it means for your next move? Call (904) 515-2479 |

Download our free Right-Sizing Roadmap which includes a property tax portability estimator worksheet. Request yours here.

Kevin and Jennifer Hanley, REALTORS® | KW Atlantic Partners Southside The Hanley Home Team HanleyHomeTeam.com

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