Holiday Closure In observance of Memorial Day, our offices will be closed on Monday, May 25th. We will resume regular business hours on Tuesday, May 26th.
Click Here to see a list of Property Tax Exemptions and how to qualify.
« Back to Frequently Asked Questions
Florida voters approved a state constitutional amendment in 1992 to “cap” or limit increases in the assessed value of homestead-exempt property to 3% per year or the amount of increase in the consumer price index (CPI), whichever is lower. When a property with homestead exemption is sold, Florida law requires that the following year the homestead exemption and cap be removed, and the property be re-assessed to equal its market value. The buyer should not rely on the seller’s current property taxes as the amount of property taxes that the buyer may be obligated to pay in the year subsequent to purchase. A change of ownership triggers reassessment of the property that could result in higher property taxes. If you have any questions concerning valuation, contact the Property Appraiser’s office for information.
Save Our Homes is a constitutional benefit approved by Florida voters that limits the annual increase in assessed value for homesteaded property to the lesser of:
This limitation applies only to homestead property that remains under the same ownership.
To qualify, the property owner must:
Once approved, the Save Our Homes cap begins the year following the approval of the homestead exemption.
Save Our Homes does not apply to:
A change in ownership or title may result in the removal of Save Our Homes protections. This includes transfers:
As of January 1 following the transfer, the property may be reassessed at full market value. Property owners should consult an attorney when making deed changes.
A: The ability to transfer up to $500,000 of accumulated Save Our Homes “savings” from an existing or prior homestead property to a new homestead property. Portability was made possible with the passage of Amendment 1 to the State Constitution in 2008 by Florida voters. The Save Our Homes “savings” is the difference in Market Value and Assessed Value. This is the amount which has been “protected” or “untaxed” due to the benefit of the Save Our Homes 3% assessment limitation or “cap”.
Example: Market Value (Total Just Value) from prior homestead of: $250,000 (minus) Assessed Value from prior homestead of: $150,000 equals Portable Amount $100,000 (this amount can change if downsizing in value, see F.S. 193.155)
Yes, if you desire to “port” a benefit from your prior homestead, you must submit a Transfer of Homestead Assessment difference Application (DR-501T) when you file an application for your new homestead exemption. If you have already applied for the homestead exemption, please download and complete the DR-501T application and submit it to the Property Appraiser.
If you have an amount to “port” from a prior homestead, you should apply for portability when you apply for the new homestead exemption. The deadline is March 1st.
After receiving your application for portability, we will send it to the Property Appraiser in the county of your previous homestead, if other than Lake County. Then, your previous Property Appraiser will issue a “Certificate for Transfer of Homestead Assessment Difference” DR-501RVSH in response. We then calculate your portability benefit and apply it to your new homesteaded property.
If you do not qualify based on the DR-501RVSH we receive from your previous Property Appraiser, we will notify you by July 1st of the applicable tax year. No formal notice is mailed if you qualify until the TRIM notice, which will be sent to you in late August.
After receiving the denial letter for portability, we encourage you to contact our office at 352-253-2150 and speak with an Exemptions Specialist to discuss the reason for the denial. If you disagree, you may file a petition with the Value Adjustment Board within 30 days of the date of the denial.
Yes
The law allows up to 3 years. However, you must apply and qualify for homestead exemption on your new home as of January 1st of the 3rd year after your last year of homestead on your previous home. In other words, you may only go two tax years without having a homestead exemption in order to transfer or ‘port’ your savings. Example: If your last year of homestead was 2023, you must own and occupy your new home and qualify for homestead exemption as of January 1st, 2026.
No, you only need to abandon your existing homestead, meaning you may still own the property, but no longer receive an exemption on the property for the year you are attempting to get portability. If you abandon your homestead or move, notify this office immediately by completing the Request to Remove Exemption Form.
No, if you already own another property (2nd home, beach house, etc.), you can abandon the homestead from the old property and apply for homestead—the portability benefit on the new property.
Possibly, the law requires the previous exemption to be “abandoned” before you can port any of the Save Our Homes benefit, meaning the other person would have to authorize you to take a portion of the portability benefit by abandoning their homestead and then reapply for their portion of homestead and portability. We suggest you contact our office to discuss your specific scenario.
Legislation allows spouses to designate their respective shares of homestead assessment difference when they abandon jointly owned property so they can transfer their designated shares under certain circumstances. When you submit your homestead exemption application (DR501) & transfer of homestead assessment difference (DR501T), you will also need to submit an additional DR501TS. Other circumstances could exist that may alter this situation.
No, portability only applies if you had a State of Florida homestead exemption within the past 3 years.
One time per year
The good news is you don’t have to calculate this; we will do it for you! However, the formulas can be found in F.S. 193.155, see examples below:
If you are upsizing (moving to a home of equal or greater value) it is:
If you are downsizing (moving to home of lesser value) it is:
ATTENTION The Lake County Interactive map and My Public Services map will be unavailable on Saturday, December 10 due to maintenance.