How do the Save Our Homes cap and homestead portability work in Florida?
Save Our Homes limits yearly homestead assessment increases to 3 percent or the CPI change, whichever is lower, and portability moves up to $500,000 of savings to a new homestead.
Under Article VII, section 4(d) of the Florida Constitution and section 193.155, Florida Statutes, the assessed value of a homestead can rise each year by no more than the lower of 3 percent or the change in the Consumer Price Index. The assessment resets to just value after a change of ownership.
Portability lets an owner who had a homestead exemption as of January 1 of any of the 3 prior years move up to $500,000 of the capped savings to a new homestead. The transfer is requested with the new homestead application.
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