Rightsizing Pinellas
Rightsizing Pinellas
If you're selling one Florida homestead and buying another, you may have Save Our Homes exemptions that will move with you, saving on taxes.
By Eric Timmons, CSHP · Keller Williams · Last reviewed October 2026
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Florida's homestead exemption reduces the taxable value of your primary residence. For 2026, the combined exemption is $51,411 in Pinellas County, and you must apply with your county property appraiser by March 1.
Homestead status also places your home under the Save Our Homes cap, which limits annual increases in assessed value to 3% or the change in the Consumer Price Index, whichever is lower. Over time, the gap between your home's market value and its capped assessed value can grow into significant tax savings.
Portability is what lets you carry some or all of your accumulated benefit to your next Florida homestead.
You can transfer up to $500,000 of your accumulated Save Our Homes benefit to a new Florida homestead.
The new homestead must be established within three tax years after you leave the old one. (2-3 calendar years)
Buying a higher-value home transfers the full benefit, up to the limit. Buying a lower-value home transfers a proportional share.
Apply for the homestead exemption on the new home and file for portability (Form DR-501T) by March 1.
If your current home's market value is $450,000 and its capped assessed value is $300,000, your Save Our Homes benefit is $150,000. If you buy a higher-value Florida home and make it your new homestead, up to $150,000 will apply to the new home's assessed value, lowering your future property taxes.
Portability transfers a benefit from one homestead to another. It requires that you own your next home, live in it as your permanent residence, and qualify for a new homestead exemption.
If you sell your home and move into a senior living community where you rent your residence or pay monthly or entrance fees, such as independent living, assisted living, memory care, or most continuing care retirement community contracts, there is no new homestead to receive the benefit. In that case, portability does not apply, and the Save Our Homes benefit ends when the home is sold.
If you instead purchase a home or condominium in a 55+ community and make it your permanent residence, portability may apply.
Understanding this early can help families weigh the timing of a sale and plan for the property tax picture on the next home.
✓ Look up your current just (market) value and assessed value on your county property appraiser's website
✓ Ask for a portability estimate before you make an offer on your next home
✓ Plan to establish your new homestead within the three-year window
✓ Apply for the homestead exemption and portability by March 1 after you move in
✓ Estimate future taxes on the new home rather than relying on the seller's current tax bill
✓ Remember that only one property can carry a homestead exemption
No. Portability only transfers a Save Our Homes benefit from one Florida homestead to another. A homestead in another state doesn't create a benefit you can bring to Florida.
You keep a percentage of your benefit equal to the new home's market value divided by the old home's market value. For example, if you sell a $500,000 home with a $150,000 benefit and buy a $300,000 home, you keep 60%, or $90,000.
Only one property can carry your homestead exemption, and homestead status is set as of January 1 each year. Once you move into the new home, apply for the homestead exemption and portability on it by March 1. The old home loses its exemption from that tax year on.
Yes, as long as you establish a new Florida homestead within the three-tax-year window. If you don't, the benefit is lost. A three-tax-year window means you have between 2 to 3 years, depending on when you sell within the calendar year.
Only if you buy a home there and make it your permanent residence, such as a home or condo in a 55+ community. Renting, or paying monthly or entrance fees for independent living, assisted living or memory care, doesn't create a new homestead, so portability doesn't apply.
The benefit can be split between them. Each spouse files Form DR-501TS to designate their share before applying for portability on their new home.
No. You must apply with your county property appraiser by March 1 of the year after you establish your new homestead. In Pinellas County, the portability application is filed together with the homestead exemption application.
My complete guide covers exemption amounts, eligibility, the application process, Save Our Homes, portability, and personal exemptions for seniors, veterans, and others.
• Pinellas County Property Appraiser: Homestead exemption: eligibility, filing, and portability for Pinellas homeowners
• Manatee County Property Appraiser: Portability of Save Our Homes: how the transfer is calculated, with examples
Exemption amounts and rules change. This page is general information, not tax or legal advice. Confirm current details with your county property appraiser.
Two transactions. One coordinated plan.
Read the guide →Funding the next chapter with the equity you've built.
Read the guide →Timing, preparation, and keeping family informed.
Read the guide →Before you list or make an offer, a conversation about timing, equity, and your homestead benefit can help you avoid surprises on your next tax bill.