Seller question
Can I take my homestead property tax savings with me when I sell?
Short answer
Often, yes. Florida’s "portability" lets you transfer some or all of your Save Our Homes benefit, up to $500,000, to a new Florida homestead, if you establish the new homestead within the time allowed (three assessment years).
How it works
If your home has been your homestead for years, its assessed value is probably lower than its market value. Portability lets you carry part of that difference to your next Florida homestead, which can lower the new home’s property taxes.
How to apply
In Miami-Dade you apply for the homestead exemption on the new home (Form DR-501) and file the portability form (DR-501T) with the Property Appraiser. The usual filing deadline is March 1.
The time limit is counted in assessment years (January 1 dates), not from your closing date, so confirm your own deadline with the Property Appraiser before you plan a gap between homes.