This constitutional provision, approved by Florida voters in 2020, offers portability of Save Our Homes benefits. Save Our Homes caps the annual increase of assessed value of homestead property at 3% or the change in the Consumer Price Index, whichever is lower. Portability allows homeowners selling their homestead to transfer the accumulated difference between the assessed value and market value to a new homestead property, effectively reducing the taxable value of the new home. For example, a homeowner selling a property with a market value significantly higher than its assessed value can apply this difference to lower the tax burden on a subsequently purchased homestead.
This measure provides significant tax relief for homeowners, particularly those relocating within Florida. By mitigating the impact of rising property values on property taxes, it incentivizes homeownership and allows individuals to move without facing a dramatic increase in their tax burden. Prior to the amendment, homeowners lost their accrued Save Our Homes benefits upon selling their homestead. This often resulted in a substantial property tax increase for those moving to a new home, potentially discouraging moves within the state.
