When you buy a new home anywhere in Miami, you CAN transfer your HOMESTEAD ASSESSMENT DIFFERENCE to that new property. Perhaps you’ve heard it referred to as “PORTABILITY”.
Property owners in Florida can transfer up to $500,000.00 of their previously HOMESTEADED PROPERTY ASSESSMENT DIFFERENCE to a new HOMESTEADED property as long as they do so within two years of the date of sale (of that former house).
If your new home is MORE expensive than the one you’re selling (and the MARKET VALUE is more) your entire homestead assessment can be transferred (up to the $500,000.00 limit).
If your new home has a LOWER market value than the house you’re selling, your “PORTABILITY” amount will be proportional to that difference. Here’s the government link to stay current on Portability updates.
Portability covers all of Florida, so if you are moving to Miami-Dade from another county, you can certainly transfer your Homestead Assessment Difference from that county to Miami-Dade (subject to that other county’s determination as to transferable eligibility values).
In the case of multiple owners or multiple transfer recipients, portability cannot be ‘split’. Homestead Assessment Difference is transferable from one residence to another, only… and both homes must be homesteaded properties.
