Real Estate Tax
Save Our Homes & Portability
After the first year a home receives a homestead exemption and the property appraiser assesses it at just value, the amount the assessment can increase for each following year cannot be more than 3% or the percent change in the Consumer Price Index (CPI), whichever is less.
This is called the “Save Our Homes” (SOH) assessment limitation. The accumulated difference between your assessed value and the just (market) value is your SOH benefit. Amendment 10 to the Florida Constitution created this assessment limitation in 1995.
Even if the value of your home goes down, your tax assessment may increase, but only by this limited amount. It will never be more than the just value of your home.
Portability allows most Florida homestead owners to transfer (or “port”) their SOH benefit from their old homestead to a new homestead, lowering the tax assessment (and consequently, the taxes) for the new homestead. See sample calculations of amounts you can transfer.
Visit the Hillsborough County Property Appraiser’s office to learn more about your property tax assessments, homestead and other property tax exemptions.