This online tool helps Florida homeowners determine the potential savings they can realize when moving from one property to another by transferring their “Save Our Homes” assessment limitation. It allows users to input the assessed value of their current home and the market value of a new prospective home to estimate the taxable value difference and the resulting property tax savings. For example, a homeowner selling a property with a significantly lower assessed value due to the Save Our Homes cap can apply a portion of that difference to reduce the taxable value of a new, more expensive property.
Transferring accrued savings in property taxes offers homeowners significant financial advantages, facilitating moves within the state without facing a substantial increase in property taxes. This portability, enacted in 2008, encourages housing market activity and allows individuals to upgrade or downsize their homes based on their needs without being penalized by higher tax assessments. Before its implementation, homeowners often felt locked into their existing properties due to the potential tax implications of relocating.
