Most people are aware of the Homestead savings on their property tax, but who knew about the Portability of the accrued savings when selling then buying another primary home in Florida?

You could be losing 10’s of thousands of dollars over a lifetime of home ownership.

Let me explain.

Hopefully, your primary property has been properly homesteaded by filing a DR 501 form with the property appraiser’s office.

Requirements would be:

– Own the property by 1st January
– Living in the property by March 1st
– And this is the address on your driver’s license
– The last day of filing is March 1st to qualify for that year’s Homestead.

What are the benefits?

– You only pay taxes on your assessed value which is 85% of the market value.
– Less – $50,000 for Homestead exception [Approx. $875 per year]
– 3% annual appreciation cap on the assessed value, or 10% on non-homestead

There are other tax exemption statuses you may qualify for.

–          Military Active-Duty. Exemption equal to your absent active duty. Away 50%, tax exemption 50%
–          Veterans
–          Surviving spouse
–          Disability
–          Other

Here’s an example of what Florida Homestead owners have saved during the last 5-years.

Florida median home values have grown by 23.9% over the past year. Over the past five years, home values in Florida have increased by nearly 69%, based on the most recent report from Florida Realtors.

The lo

PORTABILITY

Firstly, if you can plan to sell your house 1-year in advance, check with the property appraiser’s office that your property assessed value is correct, the higher the better, and the more portability transfer dollars you will transfer.

The big mistake is when people sell and buy another home without transferring the Homestead equity saved up.  That’s the difference between the homestead cap of 3% and the non-homestead 10% cap, and simply start with a new assessed property tax rate.

There are some rules. [Portability act passed 2008 -Known as, Save our homes]

–          This requires a separate filing with the Property Appraiser’s office, form DR501T
–          Transfer of Portability tax can only be done within the counties of Florida.
–          Time limit – Transfer your cap within 3-proceeding years
–          Maximum Portability transfer $500,000 – Estimated $8,750 per year.
–          Portability may be used unlimited times
–          You may transfer your cap without selling your home, you just have to give up Homestead or give up the primary property address to be redirected to your new primary property.

As you can see there are some big numbers NOT to be overlooked.


For more expansive information contact the Duval Property appraiser office, Jacksonville, Florida.

Call (904) 255-5900   Web site: https://www.coj.net/departments/property-appraiser . To receive FAQ, please email, text or call me with your name and email and I’ll be happy to send you more information.

For $175, Florida Homestead Check will do a full study on your property including assessed value, ask me about it and I’ll send you a $50 discount voucher.

Lastly, selling and buying a home is a huge investment. For most of us it’s the largest purchase in a lifetime, so be prudent when selecting a Realtor to represent you.  An experienced, seasoned Realtor will know all these different savings.