Broward County Property Appraiser Lori Parrish Answers Your Questions…
Understanding “PORTABILITY” of Save-Our-Homes!
Do I have a full two years to transfer our portability to a new property from the date we sell or move from our former home?
R.W., Fort Lauderdale, FL (via email)
Under Florida law, an owner has less than two years (two tax years) to establish a new Homestead and transfer any Portability savings to the new property. If you recently purchased or are considering purchasing a new home, please be aware Homestead Exemption does not automatically transfer. When moving to the new home, you must first file for a new Homestead Exemption and also file a separate Portability application.
“Portability” allows eligible homesteaded owners to move their Save Our Home (SOH) savings from one property to another new Homestead – up to $500,000 – anywhere within Florida. From whatever tax-year you “abandon” your previous Homestead Exemption; you must then be approved for a new Homestead Exemption on another property, within two tax-years, to transfer a Portability value. An example of the 2 year window is if you are applying for Homestead in 2014 on the property, you must have had Homestead and on your old property in 2012 or 2013 in order to be able to transfer any portability benefit. If you are applying for a 2015 Homestead, you must have had Homestead and on you property in 2013 or 2014…and so on.
As a general rule: If you sell or move from your previous Homestead property in January, you will have up to 23 months to obtain a new Homestead Exemption and transfer your Portability value. However, if you sell or move from the previous property in December, you would only have up to 12 months to obtain a new Homestead Exemption and transfer your portability value. Important: You must file for and obtain Homestead Exemption on the new property in order to qualify for moving your portability benefit.
You can apply for Homestead and Portability at one of our community outreach events listed under the “outreach calendar” at www.bcpa.net or at our office located at 115 South Andrews Avenue, Room 111 in Fort Lauderdale. If you have any questions regarding filing for Homestead, Portability or other Exemptions, please feel free to contact our Customer Service Department at 954.357.6830 or visit our website at www.bcpa.net. We are happy to assist you.