Homestead Portability in Florida: The $500,000 Tax Benefit Schenley Park Sellers Can’t Afford to Lose
If you’ve owned your Schenley Park or Coral Terrace home for more than five years, there’s a
very good chance you’re sitting on a tax benefit most sellers don’t fully understand — and many
accidentally leave behind when they sell.
It’s called homestead portability, and it could be worth hundreds of thousands of dollars over the life of your next home.
Here’s what it is, how it works, and — most importantly — what you have to do to keep it when
you sell.
The Save Our Homes Cap: Why Your Tax Bill Is Lower Than It Should Be
Florida’s Save Our Homes amendment limits how much the assessed value of a homesteaded
property can increase each year — currently capped at 3% or the rate of inflation, whichever is
lower. For most longtime homeowners in Miami-Dade, this means the assessed value of your
home is dramatically lower than what it would actually sell for today.
Here’s a real-world example: if you bought your Schenley Park home in 2005 for $450,000, your assessed value today — after 21 years of capped increases — might be around $520,000.
But your home’s market value might be $950,000. That $430,000 difference is your Homestead Assessment Difference (HAD) — and it’s the reason your property tax bill is far lower than your neighbor who bought recently at market value.
When you sell and buy a new home in Florida, without portability you’d lose that benefit entirely. Your new home would be assessed at market value, and your tax bill would jump significantly. Portability lets you take up to $500,000 of that HAD with you.
How Much Can You Actually Transfer?
The formula used by the Miami-Dade Property Appraiser is:
- Portability benefit = your HAD (up to $500,000 maximum)
- The amount you can apply depends on the relationship between your new home’s value and your old home’s value
- If you’re moving to a home of equal or greater value, you can transfer the full HAD (up to
$500,000). If you’re downsizing, the benefit is prorated based on the ratio of the new home’smarket value to the old home’s market value. - For many longtime Schenley Park sellers, this is a five-figure benefit — sometimes more — in annual tax savings on their next home. It compounds over time. The earlier you start the
process and understand what you have, the better equipped you are to factor this into your
move.
The Deadline That Cannot Be Missed
This is the part that catches sellers off guard. To claim portability on your new home, you must:
- Establish homestead exemption on your new property — and file the portability
application — by March 1 of the year following your move - Complete the move within three assessment years of abandoning the homestead on your
sold property
That means if you sell your Schenley Park home in July 2026 and move into a new Florida
home before December 31, 2026, you must file for both homestead exemption and portability on the new property by March 1, 2027. Miss that deadline and you cannot claim portability for that tax year.
The good news: the Miami-Dade Property Appraiser offers online filing at miamidade.gov/pa,
and the application is free. You can also file in person at one of their offices. The process is
straightforward once you know it exists and know you’re on a deadline.
Upcoming Change: The $500,000 Cap May Be Gone by 2027
Florida voters will consider a constitutional amendment in November 2026 (HJR 211) that would eliminate the $500,000 cap on portability entirely. If it passes, homeowners with an HAD of more than $500,000 — increasingly common in Miami-Dade, where values have risen sharply over the past decade — would be able to transfer their full benefit, no matter how large.
This is worth paying attention to if you’re a longtime 33155 homeowner considering whether to
sell in 2026 or wait. The November 2026 vote could materially change the financial picture for
your next purchase. It’s one of several timing factors worth discussing as part of your overall
selling strategy.
What Sellers Need to Do Before They List
Portability doesn’t require action before you sell — but it requires awareness before you sell,
so you don’t make decisions that inadvertently forfeit the benefit.
Specifically:
- Understand your HAD before you price. Your assessed value and market value are
different numbers. Knowing the gap helps you understand not just your tax benefit but also your net proceeds (your assessed value feeds into your property tax proration at closing — a cost that’s easy to underestimate on a mid-year sale). - Don’t let the three-year clock run. If you sell and then rent for two years before buying
again in Florida, you may still be within the window. But the window closes. Know the timeline. - File by March 1 on the new property. This is the deadline that most people miss. Your real
estate agent on the buy side should remind you — but don’t rely on anyone else to track this.
Your net proceeds at closing account for a tax proration based on your assessed value.
Understanding both your assessed value and your SOH benefit helps you model what you’ll owe at closing and what you’ll carry into your next purchase.
Frequently Asked Questions
What is the Save Our Homes benefit and how does it affect my property taxes?
Florida’s Save Our Homes amendment caps annual increases in a homesteaded property’s assessed value at 3% or the rate of inflation, whichever is lower. Over time, this creates a gap
between your assessed value (what you’re taxed on) and your market value (what your home is
actually worth). For longtime Miami-Dade homeowners, this gap can be substantial — often
$200,000 to $500,000 or more — resulting in a significantly lower tax bill than a neighbor who
bought recently at today’s prices.
How much of my Save Our Homes benefit can I transfer to my next home?
You can transfer up to $500,000 of your Homestead Assessment Difference (the gap between
your market value and assessed value) to a new Florida homestead. If you’re moving to a home
of equal or greater value, you can transfer the full amount up to $500,000. If you’re downsizing,
the benefit is prorated. A constitutional amendment on the November 2026 ballot would
eliminate the $500,000 cap entirely if it passes.
When must I apply for portability in Miami-Dade?
You must file the portability application — along with your homestead exemption application —
on the new property by March 1 of the year following your move. Filing is free and can be done
online at miamidade.gov/pa or in person at the Miami-Dade Property Appraiser’s office. You
must also complete the move within three assessment years of abandoning homestead on the
sold property.
Does portability transfer automatically when I sell?
No. Portability is not automatic. You must actively file an application on your new property by the March 1 deadline. The Miami-Dade Property Appraiser does not notify you or file on your behalf. Sellers who move without filing on time forfeit the benefit for that tax year.
How do I find out what my current Homestead Assessment Difference is?
You can look up your current assessed value and market value on the Miami-Dade Property
Appraiser’s website at miamidadepa.gov. The difference between the two is your HAD. Your
property tax bill also shows both figures. If you’re unsure, the Property Appraiser’s office can be reached at 305-375-4125 — they can walk you through your specific numbers.
Homestead portability is one of the most financially significant — and most overlooked — parts
of selling a home in Miami-Dade. For Schenley Park homeowners who’ve been in their homes
for ten, fifteen, twenty years or more, it’s not a small number. It’s a benefit that follows you and
reduces your tax bill on your next home for as long as you own it in Florida.
I walk every seller I work with through the full financial picture of their move — what they’ll net at closing, what they’ll save on the next purchase, and what deadlines they can’t afford to miss.
If you want to understand what your Schenley Park or Coral Terrace home is worth today — and
how your full financial picture looks before and after the sale — let’s start with a free home valuation. Get your free home valuation →
About Berenice Elguezabal
Berenice Elguezabal is a top-producing Realtor® with 22 years of experience at Coldwell
Banker’s #1 office in Miami by volume and sales value. Specializing in data-driven market
analysis for sellers in Miami-Dade County, she turns complex market data into clear strategies
that deliver results. Fluent in English and Spanish. Connect with Bere at SellSchenleyHome.com.
