Save Our Homes Portability: What Schenley Park Sellers Need to Know
By Berenice Elguezabal | June 3, 2026
Save Our Homes Portability Guide
How to Transfer Your SOH Benefit | Schenley Park, Coral Terrace & Miami-Dade | Step-by-Step Deadlines & Portability Calculator
You’ve watched your neighborhood transform around you. Homes that sold for $300,000 a decade ago are now going for well over a million. New construction is going up on lots where old ranch homes used to stand. Builders are making offers on homes that haven’t been on the market in 20 years.
And through all of it, your tax bill has barely moved.
That’s Save Our Homes portability at work. For long-term homeowners in Schenley Park, Coral Terrace, and Coral Villas, the SOH cap has been quietly one of the most valuable financial protections you’ve accumulated — and if you’re thinking about selling, understanding what happens to your Save Our Homes portability benefit is one of the most important conversations to have before you list.
Here’s the good news: it doesn’t disappear. But there are rules to follow and deadlines you cannot miss when using Save Our Homes portability to protect your next home purchase.
The Gap Between Your Tax Bill and What Your Home Is Actually Worth
Florida’s Save Our Homes portability system is built on a foundational law that caps how much your property’s assessed value can increase each year — either 3% or the rate of inflation, whichever is lower. For a homeowner who’s been in their home for 15, 20, or 30+ years, that Save Our Homes cap compounds into a significant gap between what the county thinks your home is worth (your assessed value) and what it would actually sell for on the open market (your just/market value).
In Miami-Dade County, where single-family home prices have risen nearly 145% since 2015 alone, that gap can be very large. A home purchased in the early 2000s for $300,000 might carry an assessed value of $380,000 today — while the same home has a market value of $1.2 million or more. You’ve been paying property taxes on $380,000. The person who buys your home will pay taxes on the full market value.
That $820,000 difference is your Save Our Homes benefit. And it’s worth understanding exactly what happens to it when you decide to sell — particularly how Save Our Homes portability can protect your next home purchase.
What Actually Happens When You Sell Your Schenley Park Home
The Save Our Homes cap is tied to you as the homeowner — not to the property itself. When you sell, the cap is removed at the end of the calendar year in which your home closes. Starting January 1 of the following year, your buyer pays property taxes based on the full just/market value of the home.
Florida actually requires you to disclose this in the sales contract — there’s a mandatory written statement informing buyers that their property taxes may increase substantially after purchase. Buyers in Miami-Dade are generally aware of this, and it’s already factored into how they think about the total cost of ownership. But knowing it going in helps you prepare: your low-tax era ends at the closing table.
What happens to your Save Our Homes benefit, though? That’s where Save Our Homes portability changes the picture — and potentially adds thousands of dollars to your next home’s protection.
Save Our Homes Portability — How to Take Your SOH Benefit With You
Florida allows you to transfer your accumulated Save Our Homes benefit — up to $500,000 — to a new Florida homestead. This is called Save Our Homes portability, and for long-term owners in Coral Terrace and Schenley Park, it can be worth thousands of dollars per year in reduced property taxes on your next home.
How Save Our Homes Portability Works in Plain Numbers
If you’re buying a home at equal or greater market value (upsizing): You can transfer 100% of your Save Our Homes portability benefit, up to $500,000. Say your current home has a market value of $900,000 and an assessed value of $400,000. Your Save Our Homes benefit is $500,000. Apply that to your new home using Save Our Homes portability, and your new assessed value starts $500,000 below its market value from day one.
If you’re buying a less expensive home (downsizing): You transfer the same percentage of protection rather than a flat dollar amount through Save Our Homes portability. If your SOH benefit represents 55% of your home’s current value, your new home’s assessed value can start 55% below its market value — up to the $500,000 maximum through your Save Our Homes portability application.
Either way, the annual savings from Save Our Homes portability compound over time. Depending on your benefit and your new home’s value, Save Our Homes portability can meaningfully reduce your property taxes for as long as you own the next home.
The Four Steps to Claim Save Our Homes Portability — And the Deadlines You Cannot Miss
Save Our Homes portability is not automatic. You have to apply for it. Here’s the exact process:
Step 1: Apply for Homestead Exemption on Your New Property
File Form DR-501 (Florida Application for Homestead Property Tax Exemption) with your new county’s property appraiser.
Step 2: File Your Save Our Homes Portability Application
File Form DR-501T (Save Our Homes Portability Application) with your new county’s property appraiser. This form specifically documents your Save Our Homes portability benefit transfer.
Step 3: Submit by the March 1 Deadline
Both forms must be submitted by March 1 of the year after you establish the new homestead. This deadline is non-negotiable for Save Our Homes portability benefits.
Step 4: Establish Your New Homestead Within Three Years
Complete the move and establish your new homestead within three years from January 1 of the year you sold your previous home. That last point deserves extra attention: the three-year clock starts January 1 of the year you sold — not your actual closing date. If you close your sale in late December, your Save Our Homes portability window can shrink to as little as two years and a few months. If you’re planning to take time between moves, build that into your timeline carefully.
Use the Save Our Homes Portability Calculator
Miami-Dade’s property appraiser has an interactive Save Our Homes portability calculator on their website where you can estimate your benefit before making any decisions. It’s worth running those numbers before you list — because for some homeowners in Schenley Park and Coral Terrace, the Save Our Homes portability benefit equals or exceeds what they’d save with a discounted sale.
I walk through this exact Save Our Homes portability conversation with every long-term owner I work with before we ever discuss list price. It changes the math in ways that genuinely surprise people — and often makes the case for why you shouldn’t rush into selling.
What About Capital Gains Tax When You Sell?
Save Our Homes portability gets most of the attention in this conversation, but there’s a second financial layer worth addressing clearly: capital gains tax.
The good news is substantial. Florida has no state income tax — which means no state-level capital gains tax on your sale. At the federal level, homeowners who have used the property as their primary residence for at least two of the last five years can exclude up to $250,000 in capital gains (single filer) or $500,000 (married filing jointly) from their taxable income.
For many long-term homeowners in the 33155 area, that exclusion covers most or all of their gain. If you purchased your home for $250,000 in 2003 and you’re selling for $1.1 million today, your gain is roughly $850,000. As a married couple, you’d exclude the first $500,000 — meaning you’d potentially owe federal capital gains tax only on the remaining $350,000. At the long-term capital gains rate of 15% for most sellers, that’s $52,500 in federal tax on an $850,000 gain. Significant, but far less than many sellers fear.
Where Capital Gains Get More Complex
A few situations where the capital gains calculation gets more specific:
- Rental use: If any portion of the home was used for rental purposes, depreciation recapture rules apply and the tax picture gets more complex
- Home improvements: If you have significant undocumented improvements over the years, a CPA can often identify deductions that reduce your taxable gain
- High gains: If your gain exceeds the exclusion threshold, the rate depends on your income level — high earners may face 20% plus the 3.8% net investment income tax
This is a conversation to have with a CPA before you list — not after. Your specific numbers are too unique to generalize, and the right planning can make a meaningful difference. Learn more about my approach to selling in Schenley Park with full financial clarity.
One More Closing Cost to Know: Documentary Stamp Tax
Documentary stamp tax is a closing cost — not a capital gains tax — charged at $0.60 per $100 of sale price in Miami-Dade County (slightly lower than the statewide $0.70 rate). On a $1.2 million sale, that’s approximately $7,200 paid by the seller at closing. It comes out of your proceeds automatically — just know it’s there when you’re estimating your net.
Run Your Numbers Before You List
Every seller’s situation is different — your Save Our Homes benefit amount, your capital gains exposure, your plans for your next home all factor into the picture. And understanding how Save Our Homes portability protects your next purchase is often the most important piece of the financial conversation.
Running through those numbers together, before you list, is exactly the kind of conversation I have with sellers in Schenley Park and Coral Terrace every week. Get in touch with me about selling your Schenley Park home and let’s talk through what your specific numbers look like.
Ready to Understand Your Save Our Homes Benefit?
Before you list your Schenley Park home, let’s calculate what your Save Our Homes benefit is worth, how Save Our Homes portability can protect your next home, and what your real net proceeds look like after all costs. No guessing — just numbers.
Frequently Asked Questions About Save Our Homes Portability
Do I Lose My Save Our Homes Benefit When I Sell My Florida Home?
Not necessarily. While the Save Our Homes cap is removed from your property at the time of sale, Florida’s Save Our Homes portability provision allows you to transfer up to $500,000 of your accumulated SOH benefit to a new Florida homestead. You must apply by March 1 of the following year and establish the new homestead within three years of your sale. Save Our Homes portability can significantly reduce your taxes on your next home.
How Does Save Our Homes Portability Work in Miami-Dade County?
Save Our Homes portability in Miami-Dade works the same as the rest of Florida: you transfer your SOH benefit using Form DR-501T, filed alongside your homestead application (Form DR-501) with your new county’s property appraiser. Miami-Dade’s property appraiser offers an interactive Save Our Homes portability calculator on their website to estimate your transferred benefit before you make your move.
How Long Do I Have to Transfer My Save Our Homes Benefit After Selling?
You have up to three years from January 1 of the year you sold your previous home to establish a new Florida homestead and claim Save Our Homes portability. The portability application is due March 1 of the year after you establish the new homestead. If you sell late in December, your Save Our Homes portability window may be effectively shorter (as little as two years) — so plan accordingly.
Will the Buyer of My Schenley Park Home Pay Significantly Higher Property Taxes?
Yes — in most cases. Once your home is sold, the Save Our Homes cap is lifted and the new owner pays taxes based on full just/market value starting the following January. Florida law requires sellers to disclose this in the sales contract. For a home in Schenley Park or Coral Terrace where assessed value may be far below market value, this can represent a substantial increase in the buyer’s annual tax bill — which is why they factor it into their offers.
Do I Owe Capital Gains Tax When I Sell My Schenley Park Home?
Florida has no state capital gains tax. At the federal level, you may exclude up to $250,000 in capital gains (single filer) or $500,000 (married filing jointly) if you’ve lived in the home as your primary residence for at least two of the last five years. Many long-term homeowners in 33155 qualify for this exclusion — but if your gain exceeds those thresholds, or if the home was used for rental purposes at any point, consult a CPA about your specific picture before you list.
Is the Save Our Homes Portability Calculator Accurate?
Miami-Dade’s Save Our Homes portability calculator is a solid starting point for estimation, but it’s an estimate only. Your actual Save Our Homes portability benefit depends on your precise assessed value and the specifics of your new purchase. Working with your property appraiser or a tax professional to run the exact numbers ensures you’re making decisions based on your real benefit amount.
Bottom Line: Plan Before You List
Understanding your Save Our Homes benefit and how Save Our Homes portability protects your next home is one of the most valuable financial conversations you can have before you decide to sell. Don’t leave thousands of dollars on the table because you didn’t run the numbers.
If you’re thinking about selling your Schenley Park or Coral Terrace home, let’s talk through what your Save Our Homes benefit looks like and how it affects your decision to sell now, wait, or downsize. Learn about downsizing options in Schenley Park, or reach out directly and we’ll run the numbers together.
Call Berenice at 305-301-3290
Bere@BereHomes.com • BereHomes.com
Berenice Elguezabal PA
Real Estate Advisor | Coldwell Banker Realty
22 Years of Experience | Schenley Park Specialist
4000 Ponce de Leon Blvd, Suite 700, Coral Gables, FL 33146
305-301-3290 • Bere@BereHomes.com • www.BereHomes.com
Disclaimer: This content is informational and current as of June 3, 2026. Save Our Homes portability rules and deadlines are set by Florida statute, but individual circumstances vary. Consult with your property appraiser, tax professional, or real estate advisor about your specific Save Our Homes benefit and portability eligibility. Documentary stamp taxes and capital gains implications should be reviewed with a CPA.
