Florida’s “Save Our Homes” Portability: How Tampa Homeowners Can Move and Keep Their Tax Savings
If you already own a Florida home and you’re thinking about moving—maybe from Carrollwood to South Tampa, or from Riverview to Westchase—there’s a powerful tax benefit you don’t want to leave on the table: Save Our Homes (SOH) portability. Used correctly, it can lower the taxable value of your next home and save you thousands over time.
This guide explains how portability works, who qualifies, deadlines to watch, and how to avoid the most common mistakes in Tampa Bay moves.
What “Save Our Homes” Actually Does
Once you file and receive the Homestead Exemption on your Florida primary residence, SOH limits how much your assessed value can increase each year—3% or CPI, whichever is lower. Over time, your market value may rise faster than the assessed value, creating a “cap differential” (the gap between market and assessed).
Portability lets you transfer part (or all) of that cap differential to your next Florida homestead, reducing the taxable value of the new property.
Who Can Use Portability
You currently have (or had) a Homestead Exemption on your Florida primary residence.
You are establishing a new Florida homestead (primary residence) within the allowable time window.
You file the proper applications with the county property appraiser for your new home (and provide info about the prior homestead).
You can transfer the differential within the same county or across counties anywhere in Florida.
Time Windows That Matter
You must establish the new homestead within three tax years after you abandon (move out of) the prior homestead.
You must file for Homestead (and the portability application) by the county’s deadline—in most counties, March 1 for that tax year.
If you miss the filing deadline, you typically wait until the next tax year to apply—delaying savings.
How Much Can Transfer
Maximum portability is $500,000 of cap differential.
If you “upsizing” (new home’s market value is higher than the old home’s), you can usually move the full differential (up to the cap).
If you’re “downsizing” (new home’s market value is lower), the differential transfers proportionally.
A Plain-English Example
Your current homestead market value: $650,000
Your current assessed value (after SOH cap): $450,000
Cap differential: $650,000 – $450,000 = $200,000
You buy a new primary home with a market value of $700,000:
If you’re upsizing, you can typically transfer the full $200,000 (under the $500k limit).
Your new home’s assessed value (for taxes) would start around $700,000 – $200,000 = $500,000 (before any exemptions are applied).
Then you still apply your Homestead Exemption to reduce the taxable value further.
Note: Counties calculate using their official values and timelines; this example is for illustration. Always verify with the property appraiser.
How to File (Step by Step)
File Homestead Exemption on your new primary residence in its county (e.g., Hillsborough, Pinellas, Pasco).
Submit the portability form (often called “Transfer of Homestead Assessment Difference”) with details from your prior homestead.
Attach supporting documents the appraiser requests (prior address, parcel ID, dates, ownership changes, etc.).
Track confirmation from the appraiser and keep copies for your records and lender.
If you co-owned the prior home or had a change in title (divorce, trust, estate planning), portability may still work—you’ll just provide the right documentation.
Common Mistakes (And How to Avoid Them)
Missing the March 1 filing deadline. Put it on your calendar the day you go under contract.
Assuming the lender files for you. They don’t. This is your application.
Waiting until after closing to ask questions. Talk to your agent and the property appraiser before you finalize numbers.
Ignoring “downsizing math.” If your new place is valued lower than the old one, expect proportional portability—not dollar-for-dollar.
Forgetting to refile after a gap. If you rented for a year and then bought, you may still qualify—check the three-tax-year rule.
How Portability Affects Your Monthly Payment
Your lender escrows property taxes, so lowering the assessed value can reduce your monthly escrow after the county confirms your portability. The first year’s bill can be quirky because it’s based on when you closed and whether portability processed in time—expect a reconciliation at renewal and budget accordingly.
Selling First vs. Buying First
Sell then buy: Cleanest paper trail. You abandon the old homestead, then establish the new one and transfer the differential.
Buy then sell: Still possible—work closely with the appraiser on dates and documentation so you don’t lose eligibility.
When timing is tight, your agent should coordinate closing dates and your homestead filing plan so you meet deadlines.
Investors, Second Homes & Short-Term Rentals
Portability is for primary residences. If you’re buying a second home, short-term rental, or investment property, you won’t apply homestead or portability to that property. Some owners homestead one property and hold others as non-homesteaded rentals—your tax strategy should reflect your long-term plan.
FAQs
Can I transfer between counties?
Yes. Portability works statewide—just file in the new county with details from the prior county.
We divorced. Can each spouse take a portion?
Often yes, if both were owners on the prior homestead and are now establishing separate homesteads. The appraiser will allocate the differential per the rules and documents you provide.
We paused homeownership for a year. Are we out of luck?
Not necessarily. The rule is within three tax years after abandoning the old homestead. Check your dates carefully.
Will portability affect my Homestead Exemption amount?
No—the exemption (up to $50,000 in most cases) is separate and layered on top of your assessed value after portability.
The Takeaway
If you’re moving anywhere in Tampa Bay and you already have a Homestead Exemption, don’t leave portability on the table. It can significantly reduce the taxable value of your next home and lower your long-term housing costs. The keys are timing, paperwork, and precise numbers—get those right, and the savings follow.
Want your portability numbers before you list?
I’ll coordinate with the county, outline your filing timeline, and model your true monthly on the next home (mortgage + taxes with portability + insurance + HOA/CDD).
Fernanda Stucken — South Tampa Realtor
📧 contact@fernandastucken.com | 📞 (347) 216-6620
