If I sell my home that has a Homeowners Exemption and buy a new Florida one, will I lose all the tax savings I’ve accumulated over the years?
No. Florida’s Save Our Homes (SOH) provision allows you to transfer all or a significant portion of your tax benefit, up to $500,000, from a Florida home with a homestead exemption to a new home within the state of Florida that qualifies for a homestead exemption. This is referred to as “portability”.
See all about it and apply for portability at the Link below*.
(You apply when you file for your new home Homestead Exemption.)
*Link: Portability (pbcgov.org)
-----------------------------------------------------------------------------
CPA Link** on how it works:
**Link: