Thinking about moving in 2026 but worried your property taxes will jump? If you own a Tampa homestead, Florida’s portability rules may let you carry a tax-saving benefit to your next home. That can help keep your new home’s assessed value lower, even if you upsize or downsize. In this guide, you’ll learn what portability is, who qualifies, how the math works, the steps to file, and common pitfalls to avoid. Let’s dive in.
Save Our Homes in simple terms
Florida’s Save Our Homes (SOH) benefit limits how much your homestead’s assessed value can rise each year. The cap is the lesser of 3% or the change in the Consumer Price Index. Over time, this creates a gap between your market value and your assessed value for taxes. That gap is your SOH benefit.
When you sell and buy another Florida home that you homestead, portability lets you carry some or all of that benefit to the new place. The result is a lower assessed value on the new home than its market value might suggest.
What portability does for Tampa owners
If you’ve built an SOH benefit on your current Tampa home, portability can reduce the assessed value on your next Florida homestead. That reduction can translate to lower annual property taxes after you move. It applies whether you move within Hillsborough County or to another Florida county.
Portability reduces assessed value, not tax rates. Your final tax bill still depends on the combined millage rates for your new property.
Who qualifies and key limits
To use portability, you generally need to:
- Have had a Florida homestead on your prior home.
- Establish a new Florida homestead and apply for the homestead exemption on the new property.
- File a portability application (commonly Form DR‑501T) with the property appraiser where your new home is located.
Important limits and timing to know:
- There is a statutory cap on how much SOH benefit you can transfer. As of mid‑2024, the commonly cited cap is $500,000. Confirm the current cap for 2026 before you file.
- A common deadline in Florida practice is March 1 of the year after you establish the new homestead. Confirm the exact Hillsborough County deadline and any late‑filing provisions.
- Inter‑county moves are allowed. You apply in the county of your new homestead.
How the math works
Here’s the plain‑language process:
- Calculate your SOH benefit on the old home. It’s the market value minus the assessed value used for taxes.
- Determine how much you can transfer. Your benefit can be moved up to the statutory cap.
- Apply the transferred amount to your new home. The new assessed value starts at the new home’s market value minus the transferred benefit, subject to any minimums and exemptions.
- Your tax bill is then based on the new taxable assessed value and local millage rates.
Hypothetical example: downsizing
- Old Tampa home market value: $500,000; assessed value: $360,000 → SOH benefit = $140,000.
- New home market value: $350,000.
- Transfer $140,000 → new assessed value = $350,000 − $140,000 = $210,000.
- Result: a much lower assessed value on the new home than the market value alone would suggest.
Hypothetical example: upsizing
- Old home SOH benefit: $80,000.
- New home market value: $700,000.
- Transfer $80,000 → new assessed value = $700,000 − $80,000 = $620,000.
- Taxes will likely be higher than before because the new home is more valuable, but portability still reduces what you would otherwise pay.
Illustrative tax savings only
If a new home’s market value is $550,000 and you transfer a $100,000 SOH benefit, the assessed value becomes $450,000. Using a simple 1.2% example rate, that’s roughly $5,400 in tax instead of $6,600 without portability, about $1,200 saved per year. This is for illustration only; actual Tampa millage rates vary each year.
Filing steps in Hillsborough County
Follow this sequence after your move:
- Establish your new homestead. Move in and make it your permanent residence.
- File your homestead exemption on the new property.
- Apply for portability. Submit the portability application (commonly DR‑501T or the local equivalent) to the property appraiser where the new home is located.
- Provide supporting documentation. Be ready to show proof of your prior homestead address and dates, closing statements for both transactions, and a driver’s license or ID with the new address if requested.
- Confirm your approved transfer. The property appraiser will calculate and confirm the portable benefit that will apply to your next tax bill.
Document checklist
- Closing statements for both the sale and the purchase.
- Deeds for both properties.
- Proof of prior homestead (e.g., prior tax bill or homestead status confirmation).
- Evidence of new permanent residency (move‑in date, address change documentation, ID updates).
Timeline and deadlines
- Typical filing deadline: By March 1 of the year after you establish the new homestead. For example, establish in 2026, aim to file by March 1, 2027.
- Late filing: Some counties allow limited late submissions in specific situations. Always verify current Hillsborough County guidance for 2026.
- Assessment cycle: The timing of property assessments can affect when the portability reduction shows up on your tax notice; check local schedules for assessment notices and certifications.
Common scenarios and pitfalls
- Moving within Tampa vs. to another county: Portability works anywhere in Florida. File in the county of your new homestead.
- Renting first: If you buy the new place but rent it out instead of establishing it as your homestead, portability will not apply until you make it your permanent residence and file.
- Assuming it transfers automatically: It does not. You must file the portability application.
- Ownership changes: If owners change between homes, eligibility and benefit division can get complex. Ask the property appraiser how to handle your specific situation.
- Counting on the exact same tax bill: Portability reduces assessed value, not millage rates. Your new area’s combined millages will drive the final numbers.
Simple flowchart: Am I eligible?
- Did you have a Florida homestead on the old home?
- No → Portability is not available.
- Yes → Continue.
- Did you buy another Florida home and establish it as your homestead?
- No → File your homestead for the new property once eligible.
- Yes → Continue.
- Did you file a portability application with the new county’s property appraiser by the deadline?
- No → Contact the property appraiser about late options.
- Yes → The office will confirm the portable benefit up to the statutory cap and apply it to your new assessed value.
Planning a 2026 move: your action plan
- Before listing or buying, estimate your SOH benefit from your current tax bill.
- Confirm the current portability cap and filing deadline for 2026 with the Hillsborough County Property Appraiser.
- Keep closing documents and proof of occupancy organized from day one.
- Build your move timeline around filing dates so you do not miss the next assessment cycle.
A local partner to simplify the process
You do not need to navigate this alone. With decades in Tampa real estate, I can help you plan your move timeline, coordinate documentation, and connect you with the right county office so your portability filing stays on track. If you are upsizing, downsizing, or relocating within Florida in 2026, let’s align your sale and purchase strategy with your tax goals.
Ready to map out your next move and protect your tax savings? Connect with Laura Baker for a Complimentary Home Strategy & Valuation.
FAQs
What is Florida homestead portability?
- It allows you to transfer some or all of your Save Our Homes benefit from a prior Florida homestead to a new Florida homestead to reduce the new home’s assessed value.
How do I figure out my Save Our Homes benefit?
- Subtract your assessed value (used for taxes) from your market value on your latest tax notice; the difference is the SOH benefit you may be able to transfer, subject to the cap.
Do I have to move within Hillsborough County to use portability?
- No; portability works anywhere in Florida, but you file the portability application with the property appraiser in the county of your new homestead.
What is the maximum benefit I can transfer?
- As of mid‑2024, the commonly referenced cap is $500,000; confirm the current statutory cap for 2026 with the property appraiser before filing.
What if I miss the typical March 1 filing deadline?
- Some counties have limited late‑filing allowances; contact the Hillsborough County Property Appraiser promptly to ask about current procedures.
Can I use portability if I rent my new home first?
- No; you must establish the new property as your permanent residence and file for homestead for portability to apply.
How does portability interact with the homestead exemption and millage rates?
- Portability lowers assessed value; the homestead exemption and your area’s combined millage rates then determine your final tax bill.
