SAVE OUR HOMES ASSESSMENT LIMITATION AND PORTABILITY TRANSFER

Save Our Homes Assessment Limitation

After the first year a home receives a homestead exemption and the property appraiser assesses it at just value, the assessment for each following year cannot increase more than 3 percent or the percent change in the Consumer Price Index (CPI), whichever is less.

This is called the “Save Our Homes” (SOH) assessment limitation. The accumulated difference between the assessed value and the just (market) value is the SOH benefit. (see section 193.155, Florida Statutes)

Even if the value of your home decreases, the assessed value may increase, but only by this limited amount. The assessed value will never be more than the just value of your home.

Save Our Homes Portability Transfer

If you are moving from a previous Florida homestead to a new homestead in Florida, you may be able to transfer, or “port,” all or part of your homestead assessment difference

If you are eligible, portability allows most Florida homestead owners to transfer their SOH benefit from their old homestead to a new homestead, lowering the tax assessment and, consequently, the taxes for the new homestead.

To transfer the SOH benefit, you must establish a homestead exemption for the new home within two years of January 1 of the year you abandoned the old homestead (not two years after the sale).

You must file the Transfer of Homestead Assessment Difference (Form DR-501T) with the homestead exemption application. The deadline to file these forms is March 1.

Complete all forms and applications required for the exemption and file them with your county property appraiser. If the property appraiser denies your application, you may file a petition with the county’s value adjustment board. For more information, see Petitions to the Value Adjustment Board.

Change or Transfer of Ownership

If a change in ownership occurs for a homestead property protected by the SOH cap, the property will lose the SOH benefit and will be subject to assessment at just value on the following January 1.

Florida law defines a change of ownership as any sale, foreclosure, or transfer of legal title or beneficial title in equity to any person. (see s. 193.155(3), F.S.)

Also, a loss or removal of homestead will trigger a reassessment and removal of the SOH benefit. To avoid any penalties, please notify your county property appraiser if your homestead status has changed. Click here for county property appraiser contact and website information.

Some changes that will not trigger a reassessment are:

1. a change or transfer between spouses

2. certain transfers upon death

3. certain transfers when the same persons are entitled to the homestead exemption both before and after the transfer

For all exceptions, see s. 193.155, F.S.

Where Can I Find More Information?

See Property Tax Oversight’s FAQs or contact the property appraiser’s office in the county where the home is located.

See Naples and Collier County Property Appraiser’s Office Here

See Bonita Springs, Estero, and Lee County Property Appraiser’s Office Here

Property Tax Information For Naples, Marco Island, Bonita Springs, Estero, and Fort Myers Florida:

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