Homestead Exemption & “Save Our Homes” Portability
How Florida’s constitutional protections cap assessments and shield equity—what NY movers must file and when
If you’re moving from New York to Florida, the two biggest property-tax tools to understand are Florida’s Homestead Exemption and Save Our Homes (SOH) Portability. Used correctly, they can lower your tax bill now and protect you from big assessment jumps later—plus let you carry tax savings to your next Florida home. Here’s how they work and the filing timeline New Yorkers need to hit.
Part 1: Florida Homestead Exemption (the foundation)
What it does
Reduces the taxable value of your primary Florida residence (up to $50,000 on most levies).
Triggers the Save Our Homes cap, limiting annual increases in assessed value to 3% or CPI (whichever is lower) once you’re homesteaded.
Who qualifies
You own and occupy the property as your permanent residence on January 1 of the tax year.
You’re a Florida resident (domiciled here), not claiming a residency-based property tax benefit in any other state.
When to file
By March 1 of the year you want the benefit. (Example: You occupy by Jan 1, 2026 → file by Mar 1, 2026.)
What you file
Homestead application with your county property appraiser (online in most counties).
Typical proofs: Florida driver license, vehicle registration, voter registration, and the property’s Florida address on key accounts. (Bring one or more as your county requests.)
Why January 1 matters
Homestead status is pegged to where you actually lived on Jan 1. If you close on Jan 3, you’ll file for the next tax year.
Part 2: Save Our Homes (SOH) cap (the ongoing protection)
Once your home is homesteaded, the assessed value (the number the county uses to calculate taxes) can rise by at most 3% or CPI each year. Over time, market value usually rises faster than the assessed value, creating a “cap differential.” That gap is your built-in tax shield—and it’s what you can port when you move within Florida.
Part 3: Portability (moving your tax savings to your next Florida home)
What it does
Lets you transfer your SOH cap differential (that gap between market and assessed values) from your prior Florida homestead to your new Florida homestead.
Maximum transfer: $500,000.
Upsizing vs. downsizing
Upsizing (new market value ≥ old market value): you can transfer the full differential (up to $500k).
Downsizing (new < old): you transfer a proportional share of the differential.
When you must file
You must establish the new Florida homestead within three tax years after you abandon the prior one.
File the portability application with your new homestead application (or by the March 1 deadline).
What you file
New homestead application plus the portability form (often titled Transfer of Homestead Assessment Difference).
You’ll list your prior Florida homestead address so the county can verify the amount.
Plain-English example
Prior home (homesteaded):
Market value: $650,000
Assessed value (after SOH cap): $450,000
Cap differential: $200,000
New Florida home market value: $700,000
If you’re upsizing, you can typically transfer $200,000 of differential.
Your starting assessed value for the new home becomes $700,000 − $200,000 = $500,000 (before exemptions). Then your Homestead Exemption reduces taxable value further.
Note: Counties compute using official just/assessed values and dates—your final numbers come from the property appraiser.
Timeline for New Yorkers (what to do, and when)
Before you list or leave NY
Break NY residency and establish Florida domicile (driver license, voter reg, vehicles, Declaration of Domicile if desired).
If you already own a Florida place, confirm you’ll occupy by January 1 to claim homestead that year.
When you close in Florida
If you occupied by Jan 1, file Homestead and Portability by March 1.
If you closed after Jan 1, you’ll file by next March 1 for the following tax year (you still may port within the three-tax-year window).
If you’re selling one Florida home and buying another
Coordinate closing dates so you abandon the old homestead and establish the new one within the three-tax-year period.
File portability with your new homestead application for a clean paper trail.
Documents & tips that make approval smooth
Florida driver license and voter registration at the property address
Recorded deed and proof you live there (utility or insurance bill)
If porting: prior Florida homestead address, parcel ID, and year(s) you received SOH
Keep an eye on your TRIM notice (mailed late summer) for the first year to confirm your assessed value and exemptions are correct.
Common mistakes (and how to avoid them)
Missing March 1: Put it on your calendar the day you close.
Assuming lenders or title companies file for you: They don’t. You apply with the county.
Thinking portability happens automatically: It requires the separate portability application with your homestead filing.
Downsizing math surprises: Expect a proportional transfer if the new market value is smaller than the old one.
Residency conflicts: Don’t claim tax-based residency benefits in two states. Make your Florida domicile consistent across documents.
FAQs for NY → FL movers
Can I port from a New York home?
No. Portability only moves a Florida Save Our Homes differential between Florida homesteads.
What if I rented for a year between homes?
You can still port if you establish the new homestead within three tax years after abandoning the prior one.
Does portability change my Homestead Exemption amount?
No. Portability changes your assessed value starting point; the Homestead Exemption still applies separately.
Will my mortgage escrow adjust?
Often yes. Once the county applies homestead/portability, your lender may recalculate escrow at renewal. Expect a correction in year one.
Bottom line
Homestead lowers taxes now and activates the Save Our Homes cap to protect you from big annual increases.
Portability lets you carry that protection forward—up to $500,000—when you buy your next Florida home.
File by March 1, keep your Florida domicile paperwork consistent, and coordinate dates so you don’t miss the three-tax-year portability window.
Want help modeling your true monthly with and without portability—and knowing exactly what to file, where, and when in your county? I’ll map it out step-by-step.
Fernanda Stucken — Tampa Bay Realtor
📧 contact@fernandastucken.com | 📞 (347) 216-6620
This article is educational—not legal or tax advice. Consult your CPA or real-estate attorney for guidance on your specific situation.
