Pillar Guide · Florida Tax · Broward County
Florida Homestead Exemption, Save Our Homes & Portability — The 2026 Playbook
Florida's homestead system stacks three distinct tax benefits: up to $50,000 off your home's taxable value, a 3% annual cap on assessed-value increases (Save Our Homes), and the ability to transfer up to $500,000 of accumulated cap savings to your next Florida home (portability). Together they are the single biggest reason long-time Florida homeowners pay dramatically less property tax than their new neighbors. Here's exactly how each one works, when to file, and how to not accidentally waive them.
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Tell Beth where you're moving from, your current home's assessed vs. market value (if you already own in Florida), and your target Broward city. She'll come back within 24 hours with a real portability estimate and filing plan.
What are the three benefits in one paragraph?
- Homestead Exemption — up to $50,000 off your home's taxable value once it's your permanent Florida residence. Worth roughly $750–$1,100+/year on a typical Broward home.
- Save Our Homes Cap — caps annual assessed-value increases at 3% (or CPI, whichever is lower). The longer you own, the bigger the gap between your assessed value and market value, and the more you save.
- Portability — transfer up to $500,000 of that accumulated cap savings to your next Florida home if you move within 3 years. This is how long-time Florida owners upgrade without getting reset to full market tax.
All three are separate. You can get homestead without using portability (if you're new to Florida). You cannot get portability without homestead.
How does the Florida homestead exemption actually work?
Short answer: you must own the property, live in it as your permanent Florida residence, and file an application with the Broward County Property Appraiser by March 1 of the tax year. Once approved, the exemption reduces your home's taxable value by up to $50,000 — structured as two tiers:
- ✦First $25,000 (applies to all taxes including school taxes) — this is the base exemption. Every homesteaded property gets this.
- ✦Second tier ($25,000–$50,000 of assessed value, non-school taxes only) — the second $25,000 applies only to non-school taxes. The upper bound is adjusted for inflation over time, so the total can slightly exceed $50,000 in practice.
On a typical $700,000 Broward County home, the total exemption translates to roughly $750–$1,100 in annual property tax savings depending on school and non-school millage rates. On a $1.2M Parkland home, closer to $1,100–$1,400/year. Over 10 years that is $7,500 to $14,000+ back in your pocket.
How does Save Our Homes (the 3% cap) actually work?
Once you are homesteaded, Florida law limits the annual increase in your property's assessed value (the number used to calculate your tax) to 3% or the CPI change, whichever is lower. This is independent of the home's market value — which can climb much faster in a hot market like South Florida in 2026. Here is what that looks like on a hypothetical Coral Springs home over 10 years of steady 8% annual market appreciation:
| Year | Market Value | Assessed Value (3% cap) | Save Our Homes Shelter |
|---|---|---|---|
| Year 0 (purchase) | $600,000 | $600,000 | $0 |
| Year 5 | $881,000 | $696,000 | $185,000 |
| Year 10 | $1,295,000 | $806,000 | $489,000 |
Hypothetical illustration only. Assumes 8% annual market appreciation and the maximum 3% cap increase. Actual assessed value, millage rates, and exemptions vary by property and year. Source: Florida Department of Revenue Save Our Homes documentation (linked in References below).
By Year 10 in this example, the homeowner is being taxed on $806,000 of assessed value while the market value is $1,295,000. That $489,000 gap is your Save Our Homes shelter — and it is what portability lets you carry to a new home.
How does portability work, and how much can I actually transfer?
Portability lets you transfer the Save Our Homes shelter (the gap between market value and assessed value) from your old Florida homestead to your new one, up to a maximum of $500,000. It was introduced by Amendment 1 in January 2008 and is codified in Florida Statute 193.155(8). You must file Form DR-501T alongside your new homestead application, and you must establish the new homestead within 3 tax years of abandoning the old one.
Two scenarios, both common in our service area:
| Scenario | Upgrade (new home costs more) | Downsize (new home costs less) |
|---|---|---|
| Old home market value | $900,000 | $900,000 |
| Old home assessed value | $500,000 | $500,000 |
| Portability benefit (gap) | $400,000 | $400,000 |
| New home market value | $1,300,000 | $600,000 |
| New home assessed value after transfer | $900,000 (=$1.3M − $400K) | $333,333 (proportional reduction) |
Hypothetical illustrations only. The downsize calculation uses a proportional formula (new market × old assessed ÷ old market) rather than a straight dollar subtraction. Actual portability amounts require Form DR-501T calculations and Broward County Property Appraiser verification. See References below for official sources.
In the upgrade case, you start your new Broward home with $400,000 of tax shelter already baked in. On a $1.3M home that typically saves $8,000–$12,000 in the first year alone, and compounds from there under the 3% cap.
What are the steps to actually file in Broward County?
Six steps. Miss any of them and you wait another full tax year. The hard deadline is March 1 — not March 2.
- 1
Confirm you own and occupy the home as your permanent residence on January 1
Florida homestead is based on ownership and permanent residency as of January 1 of the tax year. You must hold legal or equitable title, live in the home as your permanent residence, and intend for Florida to be your permanent home.
- 2
Gather your proof-of-residency documents
Florida driver license, Florida vehicle registration, Broward County voter registration, Declaration of Domicile filed with the Broward County clerk (optional but helpful), Social Security number, and recorded deed. Having all of these ready up front prevents filing delays.
- 3
File the Original Application for Homestead Tax Exemption (Form DR-501) with the Broward County Property Appraiser
Submit Form DR-501 to the Broward County Property Appraiser by March 1 of the tax year. You can file online at bcpa.net, in person at 115 S. Andrews Ave., Room 111, Fort Lauderdale, or by mail. Co-owners should file together.
- 4
If porting from a previous Florida homestead, file Form DR-501T at the same time
Portability requires a separate form: DR-501T, the Transfer of Homestead Assessment Difference. File it alongside your homestead application. You need your previous homestead address and the assessed value difference from your prior county property appraiser.
- 5
Verify your receipt and confirmed approval
The Property Appraiser sends a notice of approval (or denial) later in the year. Keep the approval letter — this is what establishes your exemption on record. If you miss the March 1 deadline, you waive the exemption for that full tax year, which typically costs $750 to $1,100+ on a Broward home.
- 6
Watch for your TRIM notice in August
Every August, Broward County mails a TRIM (Truth in Millage) notice showing your proposed assessed value, exemption, and tax bill for the coming year. Verify the homestead exemption and any portability transfer are applied correctly. If they are not, file a petition with the Value Adjustment Board within 25 days of the TRIM notice.
What mistakes cost people the homestead or portability benefit?
- ✦Missing the March 1 deadline. Filing March 2 waives the exemption and portability for that full tax year. Set a January reminder and file early.
- ✦Waiting too long between Florida homesteads. The portability window is 3 tax years from abandoning your previous homestead. Sell in 2026, buy again in 2030 — you lose it.
- ✦Holding homestead in two states. Florida will revoke your exemption if you have a residency-based tax break in another state. Pick one domicile and document it.
- ✦Forgetting to file DR-501T for portability. The base homestead (DR-501) and portability (DR-501T) are separate forms. Filing only the homestead form means you get the base exemption but leave the portability benefit on the table.
- ✦Renting the homestead after filing. Converting your homestead to a rental without filing a change with the property appraiser is homestead fraud and gets flagged eventually. Always update the appraiser if the property stops being your permanent residence.
Read next
References & sources
- Florida Statute 196.031 — Exemption of Homesteads — official statute defining the up-to-$50,000 homestead exemption.
- Florida Statute 193.155 — Homestead Assessments (Save Our Homes & Portability) — Section 193.155(8) codifies the $500,000 portability cap and 3-year transfer window.
- Broward County Property Appraiser — Filing for Homestead and Other Exemptions — Broward-specific instructions and online filing portal.
- Broward County Property Appraiser — Forms Download — official DR-501 homestead application and DR-501T portability transfer forms.
- Florida Department of Revenue — Save Our Homes Assessment Limitation (PT-112, PDF) — state-level overview of the 3% cap mechanics.
- Florida Department of Revenue — Property Tax Information for Homestead Exemption (PT-113, PDF) — official eligibility and filing guidance from the Florida Department of Revenue.
- Florida Department of Revenue — Form DR-501T (Transfer of Homestead Assessment Difference, PDF) — the official portability application form.
Some URLs may become stale as statutes are revised — if a link does not load, search for the statute number on flsenate.gov or visit the Broward County Property Appraiser at bcpa.net.
Written by Beth McKeone, Florida Real Estate License #SL3435994, at VantaSure Realty (FL Brokerage License #CQ1065669). Reviewed by James “Griff” Griffis, FL Lic #SL3473163. Direct: 954-300-1057.
This guide is general information, not legal or tax advice. Homestead eligibility, portability calculations, and filing deadlines depend on your individual situation. Consult the Broward County Property Appraiser for your specific property, and consult a Florida CPA or real estate attorney for situation-specific guidance before making decisions.
Homestead and portability questions people actually ask
What is the Florida homestead exemption and how much is it?+
Who qualifies for the Florida homestead exemption?+
What is the Save Our Homes cap and how does it work?+
What is portability in Florida property tax?+
How much can I transfer with portability?+
How long do I have to move my portability benefit to a new home?+
When is the filing deadline for homestead exemption and portability in Broward County?+
Can I claim homestead exemption on a rental property or second home?+
What happens to my homestead if I move out of Florida?+
Want Beth's read on your specific homestead situation?
Tell her where you're moving from (or which Florida county you're coming from), your current home's assessed and market values, and your target Broward city. She'll come back within 24 hours with a real portability estimate, filing timeline, and a list of documents you need to gather.
Last verified April 2026