Florida Homestead Exemption + Portability

December 26, 2023 | amandasearlerealtor

The Florida Homestead Exemption and Portability are two important aspects of property tax benefits in the state of Florida, aimed at reducing the property tax burden for homeowners.

1. Florida Homestead Exemption:
   • The Florida Homestead Exemption is a constitutional benefit that reduces the taxable value of a primary residence for qualified homeowners. It is available to individuals who make Florida their permanent residence and use the property as their primary residence.
   • The exemption can provide substantial savings on property taxes by exempting a portion of the property’s assessed value from taxation. The amount of the exemption can vary from year to year based on factors such as the assessed value of the property and changes in the law.
   • To qualify for the Florida Homestead Exemption, you must meet certain criteria:
     • You must be a permanent Florida resident.
     • The property must be your primary residence as of January 1st of the year for which you are applying.
     • You must file an application for the exemption with your county’s property appraiser’s office by the deadline, typically March 1st.
2. Portability:
   • Portability is a provision that allows homeowners in Florida to transfer a portion of the accrued Save Our Homes (SOH) benefit from their old homestead property to a new homestead property within the state. The SOH benefit caps the annual increase in the assessed value of a homesteaded property, resulting in potential tax savings.
   • Portability essentially allows homeowners to retain a portion of the tax savings they enjoyed on their previous homestead when they purchase a new one.
   • To use portability, you must meet the following criteria:
     • You must have a homestead exemption on your current property.
     • You must purchase a new homestead property within two years of abandoning the old one.
     • The new property must become your primary residence as of January 1st.
     • You must apply for portability when applying for the homestead exemption on your new property.

It’s important to note that the specific rules and regulations regarding the Florida Homestead Exemption and Portability may change over time, and there may be variations between different counties in Florida. Therefore, it’s advisable to consult with your county’s property appraiser’s office or a qualified real estate professional for the most up-to-date information and guidance on these benefits.

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