Jesus M. Fernandez, REALTOR® 786-553-7530
Morris Williams Realty: 888-326-3949
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Florida's Save Our Homes Law
Property tax savings are portable in Florida, when you sell your home.
In 1992, Floridians voted to pass Amendment 10 to the Florida Constitution, also known as Save Our Homes. It shields homeowners who have filed for a homestead exemption from runaway property-tax increases that can result from rising property values in hot real estate markets. The law caps annual increases in a homestead property’s assessed value at 3 percent or the change in the Consumer Price Index, whichever is less. This protects homeowners from large property-tax jumps.
In 2008, voters again amended the Florida Constitution to allow “portability” of accumulated Save Our Homes assessment savings to another homestead, whether that new home is of greater or lesser value. Homeowners generally have up to three tax years to transfer those savings to a new Florida homestead. The amount that can be transferred is currently capped at $500,000.
Below are answers to the most common questions about Save Our Homes portability, including how it affects your taxes if you buy a more expensive or less expensive home.
How do I know if my property qualifies for " Portability"?
If you have lived in the property you are selling, and have filed for the homestead exemption on your home and meet the qualifying guidelines, then you are eligible to "port" or transfer your tax savings, to your new home.
"An investment in knowledge pays the best interest."
-Benjamin Franklin
What is homestead exemption?
The homestead exemption is a constitutional benefit that reduces the assessed value of a qualifying permanent resident’s home. The first $25,000 of assessed value is exempt from all property taxes, including school taxes. An additional exemption — $26,411 for 2026 — applies to assessed value above $50,000, but not to school taxes. Combined, that is up to about $51,411 off non-school taxable value.
How can I determine what my new property tax bill will be?
The tax benefit you can “port” to your new home will depend on the values of the property you are selling and the property you are purchasing. See the chart below to learn how to calculate and estimate your new property tax obligation.
Planning your sales and purchasing strategy, will put you in control.
The chart below, illustrates the difference when you purchase a more expensive or less expensive residence.
Food for Thought
You may also qualify for additional property tax exemptions, if you are at least 65 years of age, disabled, widowed or an active duty or retired United States Military veteran, including Coast Guard and the Florida National Guard.
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To learn more about property tax exemptions you may qualify for, visit the Florida Dept. of Revenue, by clicking on the following link: http://floridarevenue.com/property/pages/Taxpayers_Exemptions.aspx
Anticipating your new property tax obligation, insurance, any monthly association fee and monthly mortgage payment (if any) puts you in control.
If you need assistance in calculating your future property taxes, give us a call! We are happy to assist you!
Call us for a private consultation, about your personal selling situation.
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