Please contact our office for details.
Property Appraiser
Hillsborough County, Florida
www.hcpafl.org
813-272-6100
Portability
Market/Just Value* $600,000
Less Portability Benefit -150,000
Assessed Value* $450,000
Less Homestead Exemption -50,000
Taxable Value* $400,000
Downsize
*All values as determined by the Property Appraiser
Rev. 12-15
Market Value* $200,000
Less Portability Benefit -75,000
(37.5% of Market Value)
Assessed Value* $125,000
Less Homestead Exemption -50,000
Taxable Value* $75,000
Existing Homestead
Upsize
Portability benefit amount
is the difference between
market/just value* and
assessed value
General Information
Time limits apply – you
may transfer your CAP as
of January 1 of either of
the 2 immediately
preceding years. In other
words, you may only go
one tax year without
having a homestead
exemption in order to
transfer your CAP.
Homestead Exemption
Application required, along
with the Transfer of
Assessment Limitation
Application
Maximum portability
transfer is $500,000
Applies to Florida
counties, only
Portability may be used an
unlimited number of times
Values to be determined
by the County Property
Appraiser
Taxable value is multiplied
by millage, which is
determined by local
government each year
Market/Just Value*
$400,000
Less Assessed Value*
-250,000
(Value with 3% cap)
Portability Benefit
(37.5% of Market Value)
$150,000
Portability Frequently Asked Questions
Q: What is Portability?
A: Portability, also known as the “Transfer of Homestead Assessment Difference”, is the ability
to transfer the dollar benefit of the Homestead CAP from one Homestead to another. The
Homestead CAP is the difference between market value and assessed value, often known as
the Save Our Homes Benefit.
Q: Do I have to sell my home before I can qualify for portability?
A: No, you only need to abandon (or give up) your existing homestead, meaning you may still
own the property but no longer receive a homestead exemption on the property for the year you
are attempting to get portability.
Q: Do I have to purchase a new property to get the portability benefit?
A: No, if you already own another property (2nd home, beach house, etc.) and establish your
new homestead, you can remove (abandon) the homestead from the old property and apply for
the portability benefit.
Q: Would my CAP amount be “portable” if I move to another county in Florida?
A: Yes. Portability is effective throughout the state.
Q: When do I apply for portability?
A: You typically apply for portability when you apply for the homestead exemption. There is a
separate application for portability in addition to the homestead application.
Q: How do I apply for portability?
A: Fill out the DR-501T “Transfer of Homestead Assessment Difference” application when you
file an application for your new homestead exemption. If you have already applied for the
homestead exemption, you can download the application from our website, complete and
submit it to the Property Appraiser’s office.
Q: Is the Portability application different from the Homestead application?
A: Yes, presently these are two different applications and both must be completed to receive
both homestead and portability.
Q: After I’ve sold or abandoned my prior homestead, how long do I have to use my
portability?
A: Florida Statute 193.155(8) states that you may transfer your CAP if you have, “received a
homestead exemption as of January 1 of either of the 2 immediately preceding years.” In other
words, you may only go one tax year without having a homestead exemption in order to transfer
your CAP. Thus, if you sell or abandon your homestead on December 31 2015, then you must
re-establish a homestead as your primary residence on or before January 1, 2017.
Q: How is the Save Our Homes CAP calculated?
A: The amount of the CAP is the difference between your Just (Market) Value and your
Assessed Value. The difference between the market value and your assessed value is often
called the “CAP differential” or “CAP savings”. The amount of the CAP can vary from year to
year depending on the value of your property.
Q: What information do I need to complete the Portability Application?
A: Required information on the Portability Application includes the date which the previous
homestead was sold or no longer used as a homestead, the county, address and parcel
identification number of the previous homestead, and a list of all other owners listed on the tax
roll.
Q: Do I have to be an owner to apply for portability?
A: Yes, you must be an owner on both the old home and the new home.
Q: Do both owners of a property need to sign the Portability Application?
A: Yes, if you lived and had homestead on the previous parcel and are both moving and living
at the new parcel, you both must sign the Portability Application.
Q: I sold my home last year and just found out that my CAP was less than I thought it
would be. Can I appeal last year’s value to increase my CAP amount?
A: No, F.S. 194.011(6)(b) specifically precludes a taxpayer from petitioning to have the Just,
Assessed, or taxable value of the previous homestead changed.
Q: What is the maximum amount of CAP I can transfer to my new property?
A: The maximum CAP amount you can transfer is $500,000.
Q: Can I also apply for additional exemptions such as widow/widower, disability or senior
exemption if I use portability?
A: Yes. You still can apply and receive any additional exemption for which you qualify.
Q: How do I know how much CAP I have to transfer or carry to my new homestead?
A: The amount of the CAP you can carry to your new homestead depends on whether you “up-
size” (buy a higher valued property) or “downsize” (buy a lower valued property). The exact
amount will be determined by the Property Appraiser’s office after you file for homestead and
Portability on your new residence.
Q: I sold my homestead in 2006 and I had a large CAP. Do I qualify for portability?
A: Unfortunately no. The law only allows portability for property that had a homestead from
2007 forward. Homesteads sold or abandoned in 2006 or prior do not qualify.
Q: If I sell my home this year and purchase a new homestead, would I be able to transfer
my CAP to the new homestead in time to reduce my tax bill this year?
A: No. If you sell (or abandon) your homestead and apply for a new homestead in the same
year, your CAP portability would be applied in the following year.
Q: I co-own a homestead with a friend and we have a $700,000 CAP. Can we each take
$350,000 to our separate new homesteads?
A: No. The maximum amount of CAP transfer from a single homestead is $500,000. Therefore,
the maximum that could be transferred by two previous joint owners of a single homestead
establishing different homesteads is $250,000 each.
Q: I own a property that has three (3) people receiving the homestead exemption. One
owner has a 60% interest. The other two owners have a 20% interest each. If we sell and
apply for portability, how will the portability amount be split or divided between our new
homesteads?
A: The new legislation requires that the portability amount be divided based on the percentage
of ownership. So the CAP amount would be allocated based on each owner’s percentage of
ownership.
Q: If the previous homestead has both a homestead exemption and an agricultural
classification (Greenbelt), how is the amount of transfer to be calculated?
A: The amount of the CAP that is eligible for transfer is equal to the difference between just and
assessed value on the homestead portion of the property only.
Q: Can I increase the just value of my home in order to increase my CAP benefit?
A: The CAP is the difference between the just value and assessed value of the property. If your
just value is substantially lower than what you believe is the fair market value of your home, there
are few steps you may take. First, home values are not finalized until early to mid- July, so wait
until your value is final before making a decision. Second, if the difference in value is the result of
physical improvements to your home, the result will not increase your CAP, but could increase
your taxable value, resulting in an increase in your taxes. If our records accurately reflect the
features of the home and the low just value is merely a result of underestimating the market
value, then, after July, contact our office for a review of the property. Please remember, our
values reflect the average per square foot value of homes similar to yours and we do not value
property based on a single sales price, even that of your own property.
Q: I forgot to file for homestead when I bought my house 5 years ago. I had a CAP on
the previous home I sold at that time. Is it too late to file for homestead and portability?
A: You can file for Homestead, which will be applied going forward. However, you cannot apply
for portability because you did not have homestead in either of the 2 preceding years.
Q: After Portability is applied to my new home, are increases in assessed value still
capped at 3% going forward?
A: Yes, increases to assessed value for all homestead property in Florida is capped at 3% or
the change in the Consumer Price Index (CPI) whichever is less. Portability does not change
that.
Q: My fiancé and I are purchasing a home together and we both have separate
homesteads now. Can we use Portability to bring both of our CAP amounts to our new
home?
A: The new legislation allows you to bring the higher of the two CAP amounts, but not both.
You should both file a portability application and our office will determine which CAP amount is
higher.
Q: I am newly married and my spouse is moving into an existing homesteaded property.
He has a larger CAP amount from the former residence than I do on my home. Can he
bring his CAP to my homestead?
A: If he is on the title to your property (co-owner) and he applies for and receives homestead, he
can bring his CAP amount with him, but you would have to abandon your homestead and re-
apply. This would essentially replace your existing cap with his higher CAP amount.
Q: My wife and I were both owners of our former residence that we just sold. We bought
a new home, but for estate planning purposes, we only put the new home in her name.
Does Portability allow us to transfer 100% of the CAP from our former residence to the
new residence?
A: No, since only your wife is on the title (deed) for the new home, you can only transfer 50% of
the CAP from the former homestead property.
Q: If my spouse and I own a property and we get divorced, can I use portability to take
my CAP with me to a new home, even if my spouse remains in the former home we
shared?
A: You can take only your portion of the CAP to a new homestead if your former spouse
abandons the homestead on the prior residence. The spouse who remains on the former
homestead would re-apply for homestead exemption and port that portion back. The form to
complete is, Designation of Ownership Shares of Abandoned Homestead, DR 501 TS with the
Property Appraiser’s Office.
Q: I am in the process of getting a divorce. How will this affect the homestead CAP on the
marital home?
A: When the spouses divorce, they can split the CAP. Both parties must agree, otherwise the
CAP remains on the marital home. If both parties agree, legislation requires that the CAP
amount of the prior homestead be divided equally among the owners, unless the spouses agree
to allocate a different percentage for each owner. A form designating the percent assigned to
each party must be filed with the Property Appraiser’s Office. Once the designation of
percentage is filed with the Property Appraiser’s Office, it is irrevocable.
