What you need to know about Florida Homestead Exemption and Portability

Blog Title: What you Need to Know About the Florida Homestead Exemption and Portability

 If you own a home in Florida, then you likely know about the Florida homestead exemption. But did you know that there is something called homestead portability in the state of Florida too? Homestead portability allows homeowners to transfer their lower tax assessment from their current residence to their new one. It's a great way for Floridians to save money on property taxes when they move within the state. Here's what you need to know about the Florida homestead exemption and portability.


The Basics of the Homestead Exemption
The homestead exemption is essentially a discount off your property taxes that can be applied to your primary residence. It reduces the taxable value of your home by as much as $50,000, depending on your county and other factors. In order to qualify for this exemption, you must own and occupy your primary residence for at least six months out of the year. Further, you must have been a resident of Florida for at least one year prior to applying for the exemption.


Homestead portability allows homeowners who already have an approved homestead exemption to transfer it with them when they move within the same county or outside of their county if they are moving within Florida. This means that they can take their lower tax assessment with them and apply it to their new home. This can be a huge benefit if your new home has a higher assessed value than your old one because it will keep your annual property taxes from soaring.  
 

In order to take advantage of homestead portability, you must file an application with your county property appraiser's office no later than March 1st of the year after you move into your new home. You will need proof that you owned and occupied another home in Florida for at least 12 months prior, such as deed records or tax returns from that time period. Additionally, you must complete Form DR-501T in order to apply for portability benefits. Your previous county may also require additional forms before they will approve transferring any savings with you when you move away from them.  


For many Floridians, taking advantage of homestead portability can mean significant savings on their annual property taxes when they move within or even outside of their county in Florida. The process is relatively straightforward but there are some important deadlines and paperwork involved so make sure that all documents are filed correctly and on time in order to take full advantage of this great benefit available through the state's homestead exemption program!