In this week's episode of podcast (the last of Year 2), we talk about Property Tax Portability.
Applications to qualify your FL residence as your Homestead were due March 1, however what happens if you move from one primary residence to another?
Florida has a "Save Our Homes Cap" that prevents the taxable value of the homestead property from increasing by more than 3% from year to year. Previously, when the homeowner moved, they lost that 3% cap. In response, the Legislature enacted "portability" that allows the homeowner to carry with them (to port) their 3% savings from one homestead to another.