This mechanism allows eligible Florida homeowners to transfer their Save Our Homes assessment difference (the difference between the market value and the assessed value) to a new homestead property, thus potentially reducing property tax liability on the new home. For example, if a homeowner sells a property with a substantial assessment difference due to the Save Our Homes cap and purchases a more expensive home, this tool helps estimate the amount of that difference that can be applied to the new property’s assessed value.
The principal advantage is financial relief for homeowners relocating within the state, especially those moving to areas with higher property values. This feature can significantly lower the ongoing costs of homeownership, making it more affordable for seniors and others on fixed incomes. Originating as part of broader property tax reforms, it addresses concerns about rising property taxes impacting long-term residents and incentivizes them to remain in Florida.
