Thinking about a move in Pointe West and worried your property taxes will jump? You are not alone. Many long-time Florida homeowners rely on Save Our Homes to keep assessments in check and want to carry those savings to their next address. In this guide, you will see how Save Our Homes and portability work together, what to file, when to file, and how to avoid costly mistakes as a Pointe West homeowner in Indian River County. Let’s dive in.
What Save Our Homes means in Florida
Save Our Homes, often called SOH, is Florida’s constitutional homestead assessment cap. Once your property is your qualified homestead, the assessed value can only increase by the lesser of 3 percent or the change in the Consumer Price Index each year. Over time, your assessed value often ends up much lower than current market value.
That gap between assessed and market values can be significant after many years. It is the reason your taxes may feel manageable even as prices rise around you. Understanding this cap is the first step to planning a move without losing ground on your tax bill.
How portability protects your savings
Portability lets you transfer the dollar difference between your old homestead’s just value and its assessed value to your new Florida homestead. You can move within Indian River County or to another Florida county and bring a portion of that savings with you.
The transfer is a dollar amount, not a percentage. As of mid 2024, many references cite a maximum transfer amount of $500,000, but you should confirm the current cap with the Florida Department of Revenue or the Indian River County Property Appraiser because rules can change.
Quick math: two Pointe West scenarios
Here is a simple example to show the idea.
- Old home: just value is $500,000 and assessed value is $350,000. Your portability amount is $150,000.
- New home: just value is $600,000. After portability, the assessed value would be $450,000, which is $600,000 minus $150,000. Your taxes are based on $450,000 plus any other applicable assessments and exemptions.
Now consider a downsize.
- Old home: same $150,000 portability amount.
- New home: just value is $120,000. Your portability amount cannot reduce the assessed value below zero, so your assessment would not go negative. The benefit is limited by the new home’s just value.
In both cases, portability reduces the assessed value. It does not change local millage rates or non ad valorem assessments.
Eligibility at a glance
To use portability, you must establish your new Florida property as your permanent homestead and qualify for homestead exemption there. Portability can apply if you move within Indian River County or from another Florida county into the area.
Short term rentals, seasonal homes, or second homes typically do not qualify. The new property needs to be your permanent residence. Title details can matter for trusts, divorces, or changes in ownership, so gather records and prepare for extra documentation if your situation is complex.
Forms and the filing timeline
You will file two state forms with the property appraiser in the county of your new homestead.
- DR 501 Application for Homestead and Related Tax Exemptions. This establishes homestead status on your new property.
- DR 501T Transfer of Homestead Assessment Difference. This requests the portability transfer of your prior SOH benefit.
Follow this common timeline.
- Close on the new property and make it your permanent residence. Update your driver’s license, voter registration, and mailing address, and keep your deed and closing documents.
- File DR 501 to claim the homestead exemption in Indian River County, or in the Florida county of your new home.
- File DR 501T at the same time to request the portability transfer to your new homestead.
- Retain proof of your prior homestead, such as the prior year tax bill showing homestead, and your sale deed or closing statement.
The general statewide homestead application deadline for a given tax year is March 1. Many sources describe a three year window to claim portability after you establish the new homestead. Because deadlines and late filing policies are governed by statute and county practice, confirm the exact timelines with the Indian River County Property Appraiser before you file.
Documents to gather before you file
Having the right paperwork ready will save you time.
- Recorded deed or settlement statement for your new property
- Proof of permanent Florida residence at the new property, such as driver’s license, voter registration, vehicle registration, utility bills, or a residency affidavit
- Proof of prior homestead status, like the prior year tax bill with homestead notation or county records
- Completed DR 501 and DR 501T forms
Submit applications to the Property Appraiser’s Office in the county where your new homestead is located. For Pointe West addresses, that is Indian River County.
Common pitfalls to avoid
You can protect your tax savings by steering clear of these issues.
- Assuming portability is automatic. You must apply using DR 501T. The property appraiser does not transfer benefits without a request.
- Missing the March 1 deadline for homestead or misunderstanding portability timing. Late or missed filings can delay or reduce your benefit for that tax year.
- Not establishing the new home as your primary residence. Keep your records consistent with the new address to meet homestead requirements.
- Falling short on documentation. Keep prior tax bills, deeds, and closing papers to prove former homestead status and assessment history.
- Expecting a dollar for dollar tax cut. Portability reduces assessed value. The final bill depends on local millage and other assessments.
- Overestimating the benefit when downsizing. If your new home’s just value is less than your portability amount, the credit is capped by the new home’s value.
- Overlooking ownership nuances. Trusts, partial interests, and changes due to divorce or death can affect eligibility and may require extra steps.
Special situations for Pointe West moves
Inter county moves. If you are moving from another Florida county into Indian River County, you can request portability. The Indian River County Property Appraiser may need assessment and homestead records from the prior county.
Same county moves. You can also use portability within Indian River County, but you still need to apply.
Seasonal or rental use. Portability applies when the new home is your permanent residence. If the new property is a rental or second home, it likely does not qualify.
Timing around sale and closing. If you sell in one part of the year and move later, track your key dates so you meet homestead and filing timelines for the next tax year.
Life events. Divorce, death, and family transfers can complicate homestead and portability. Prepare records and seek guidance from the property appraiser or a real estate attorney as needed.
Local next steps in Indian River County
- Contact the Indian River County Property Appraiser to confirm deadlines, required documents, and the current portability cap.
- Coordinate with the Indian River County Tax Collector on how your assessed value will appear on the bill after portability is applied.
- Ask your closing or settlement agent to ensure your deed and closing documents clearly reflect the transfer of ownership and closing date.
- Use the Florida Department of Revenue to obtain the current DR 501 and DR 501T forms and guidance.
Before you file, verify the current portability cap and any local late filing policies. Rules and forms can change, and local offices apply the statutes.
Strategy tips for buyers and sellers in Pointe West
Start the homestead and portability conversation early. If you are listing a long held home in Pointe West, plan your move timeline with March 1 in mind. If you are buying, prepare DR 501 and DR 501T as soon as you establish the new residence and keep all closing documents.
Keep proof in one folder. Store your prior year tax bill showing homestead, settlement statements for both properties, and your updated Florida IDs and voter registration. Having everything in one place reduces follow up delays.
Confirm receipt after you file. Follow up with the Indian River County Property Appraiser to verify they received and processed both DR 501 and DR 501T, and retain proof of submission.
Work with local experts. Your property appraiser, closing agent, and real estate attorney are valuable resources. Clear records and timely filings help you capture the full benefit you have earned.
The bottom line
Save Our Homes has likely protected your assessment for years. Portability lets you bring a portion of that protection to your next Florida homestead, whether you are upsizing, downsizing, or moving across the county. With the right forms, the right timing, and clean documentation, you can keep more of your tax savings in place when you make your move in Pointe West.
If you would like help aligning your move, budget, and timeline, our team is here to guide you. For a clear plan from listing to closing, connect with Unknown Company. Get your free home valuation.
FAQs
What is Save Our Homes in Florida?
- It is a homestead assessment cap that limits yearly increases in assessed value to the lesser of 3 percent or the change in the Consumer Price Index for qualified homestead properties.
How does portability work for Pointe West homeowners?
- You can transfer the dollar difference between your old homestead’s just value and assessed value to your new Florida homestead, subject to the statutory maximum portability cap.
Which forms do I need to claim portability in Florida?
- You file DR 501 to apply for the new homestead exemption and DR 501T to request the transfer of the homestead assessment difference to your new homestead.
What is the deadline to apply in Indian River County?
- March 1 is the general statewide deadline to apply for homestead exemption for the tax year, and you should confirm the portability filing window and any late filing policies with the Indian River County Property Appraiser.
Does portability change my tax rate?
- No, portability reduces the assessed value of the new homestead and does not change local millage rates or non ad valorem assessments.
Is there a maximum amount I can transfer?
- Yes, the transferred amount cannot exceed the statutory cap, which is commonly referenced as $500,000 as of mid 2024, and you should verify the current cap with the state or county.
Can I use portability if my new home’s value is lower than my portability amount?
- The benefit is limited by the new home’s just value, so portability cannot reduce the assessed value below zero when the new property’s value is lower than the amount you could transfer.
