Homestead and Portability
Homestead: What You Need to Know
In 1992, Florida voters approved Amendment 10, known as Save Our Homes (SOH), which limits annual increases in the assessed value of a homestead property to 3% or the change in the Consumer Price Index, whichever is less, beginning the year the homestead exemption is first applied; this cap protects homeowners from sharp tax increases caused by rising market values and remains in place as long as ownership does not change and no significant improvements are made.
The SOH benefit can result in substantial long-term tax savings and may be transferred, or “ported,” up to $500,000 to a new homestead anywhere in Florida within three years of giving up the prior homestead, provided the new exemption is established by January 1, with a separate portability application due by March 1. If the new home’s just value exceeds the prior home’s just value, the full cap amount may be transferred, and the provision applies to all taxes, including school taxes. Homeowners who retain their homestead keep both the exemption and cap unchanged, and as of 2008, properties valued at $75,000 or more may qualify for an additional $25,000 exemption.
To learn more, visit the Volusia County Property Appraiser’s office.
