[dkaufnelson]

I like to inform new/recent residents to The Villages/Florida about both "Homestead" and "portability", as so many don't seem to know or understand these tax exemptions. When you buy a home in Fl. that is now your primary residence, you should always go to the local tax office and apply for "homestead" exemption which will help reduce your taxes by as much as $50K off assessed home value.
Many people don't know that If you were "homesteaded" on a previous home in Fl. and then move to another Fl. home that will be homesteaded, you should also apply to take your "Save Our Homes Portabilty" credit with you to your next Fl. home.
This is another tax benefit that can help reduce your taxes greatly, and is often overlooked by many residents.
When I moved here 3 yrs ago from another Fl. home, I immediately applied for both "homestead" and 'portability". I got my $50K homestead but also got $66K portability exemption which has now jumped to over $116K for 2020 taxes due to property increased value. This $116K credit for portability is subtracted from my home's "market value" lowering my home's taxable assessed value for all taxes. This is in addition to the $50K homestead credit.
Both of these tax exemptions have rules and time limits as explained below.

"HOMESTEAD"
• How long does it take for homestead exemption to take effect in Florida?
• If you owned property on January 1 and apply for the homestead exemption by March 1, your tax bill for the year will reflect the reduction in taxable value, but the SOH benefit will not take effect until the following year.

• For the first $50,000 in assessed value of your home, up to $25,000 in value is exempted. This exemption applies to all property taxes, including those related to your school district.
• You pay full taxes on any value between $25,000 and $50,000.
• For any assessed value between $50,000 and $75,000, an additional $25,000 is eligible for exemption, but this exemption does not apply to school district taxes.
• For value above $75,000, you pay full taxes.

"PORTABILITY"
You have up to two years to transfer the previous assessment difference "portability" to a new homesteaded property.
• The applicant must establish the homestead exemption on the new property within two assessment years (two January 1st) after abandoning the homestead exemption on the previous property. For example: the previous homestead exemption is abandoned March 2014, the applicant must establish the new homestead exemption by January 1 of 2016.
• If the applicant is granted a homestead exemption, but does not apply for portability within two consecutive years, he/she may apply at a future date. The assessment difference (Save Our Homes Cap Savings), from the year in which the homestead exemption was abandoned, will be applied to the assessed value of the new homesteaded property in the year that the portability is first approved. However, property taxes will not be subject to refunds for previous years (Section 193.155 (8)(k), Florida Statues).

There are other tax exemptions available to homesteaded property owners:
Further benefits are available to property owners with disabilities, senior citizens, widows, veterans and active duty military service members, disabled first responders, low income over 65 age owner and properties with specialized uses. The resources below provide general information on these exemptions and benefits.
Florida Dept. of Revenue -


Property Tax - Taxpayers - Exemptions

Florida is a great place to retire, but make sure you are getting all the tax exemptions you are eligible for, as you must apply for all of them within certain time frames! None of them are given automatically!

This is a great way to save on property taxes.

[Carol Fiore]

Great information for all residence. They just pass the portability transfer from 2 to 3 years. Also if you lived in Fl. for 25 years and you have low income, you may be able to have all your taxes waived.