What is Portability?
On January 29, 2008, Florida voters amended the State Constitution to provide for transfer of a Homestead Assessment Difference from one property to another. This transfer is commonly referred to Portability.
Portability is the difference between the Property Appraiser's Just Value of a property and the Save Our Homes value of that property. Portability allows you to transfer up to $500,000 of your property’s actual 3% assessment cap to your new property anywhere in Florida.
In Broward County, you can complete the Portability Application – Transfer of Homestead Assessment Difference to transfer your Save Our Homes benefit from one homestead to a new property; however, this does not transfer your Homestead Exemption to the new property. Homeowners must them submit a separate application for Homestead Exemption for their new property to claim portability savings. This can be done online (look for yellow flashing button) or by visiting the Broward County Property Appraisers office.
Per the Broward County Property Appraiser’s website, the deadline to transfer your Portability value is based upon obtaining a new Homestead Exemption for one of the following 2 tax-years. The amount of time you must do this, will depend on when you sell your previous Homestead property or no longer claim it as your permanent residence.
If you have additional questions regarding Homestead, Save Our Homes or Portability, contact 1st Trust Title in Broward County, Florida today at 954-587-1033.