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This form is used to apply for the transfer of homestead assessment difference for those who have applied for a new homestead exemption in Florida.

How to fill out transfer of homestead assessment

How to fill out TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE

1. Obtain the TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE form from your local property appraiser's office or website.
2. Fill in your personal information, including your name, address, and property identification number.
3. Provide details of the property you are transferring the homestead from, including its address and parcel number.
4. Fill in the details of the new property where you are transferring the homestead exemption, including its address and parcel number.
5. Include information about the previous and new ownership, if applicable.
6. Sign and date the form, certifying that the information provided is accurate.
7. Submit the completed form to your local property appraiser's office by the established deadline.

Who needs TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE?

1. Homeowners who are transferring their homestead exemption from one property to another within the same county.
2. Individuals who have purchased a new primary residence and want to retain their homestead tax benefits.

People Also Ask about

What is portability in Homestead?

If you are eligible, portability allows most Florida homestead owners to transfer their SOH benefit from their old homestead to a new homestead, lowering the tax assessment and, consequently, the taxes for the new homestead.

What is the difference between a property's just value and assessed value in Florida?

The just value is the property's market value. The assessed value is the just value minus assessment limita�ons (see the Save Our Homes Benefit sec�on below). The taxable value is the assessed value minus exemp�ons and is the value the tax collector uses to calculate the taxes due.

What happens when I cancel a homestead exemption and buy another property in Florida?

You must file a new application for your new residence. While your homestead exemption is not transferable, you can transfer the accumulated Save Our Homes benefits (as defined by law) from one homestead to another homestead, anywhere in Florida.

How much does a homestead exemption reduce your taxes in Florida?

The Homestead Exemption is a valuable property tax benefit that can save homeowners up to $50,000 on their taxable value. The first $25,000 of this exemption applies to all taxing authorities. The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000.

How does homestead transfer work in Florida?

Once you have sold or abandoned your homestead property the law allows you to transfer your benefit for up to 3 consecutive property tax years. The new homestead exemption must be established within 3 years (tax rolls) from the last year of the previous homestead exemption.

What is the transfer of homestead assessment difference in Florida?

Homeowners can transfer (or PORT) the difference between the assessed and market values from their previous Homestead Property (known as the Homestead Assessment difference) to another Homestead Property up to $500,000.

How to transfer homestead exemption in Miami Dade?

You must file the Transfer of Homestead Assessment Difference Form DR-501T with the homestead application Form DR-501 for your new home. The due date to file these forms with your county property appraiser's office is March 1 of the first year after you have moved.

For pdfFiller’s FAQs

What is TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE?

The Transfer of Homestead Assessment Difference is a process that allows property owners to transfer their homestead assessment benefits when they move to a new primary residence, potentially impacting tax assessments.

Who is required to file TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE?

Property owners who have received homestead assessment benefits at their previous residence and are moving to a new property within the same jurisdiction are required to file for the Transfer of Homestead Assessment Difference.

How to fill out TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE?

To fill out the Transfer of Homestead Assessment Difference, property owners typically need to complete a designated form provided by their local property assessor's office, ensuring to provide accurate information regarding both the former and new property.

What is the purpose of TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE?

The purpose of the Transfer of Homestead Assessment Difference is to protect property owners from significant tax increases when they relocate by allowing them to retain favorable assessment values from their previous homestead.

What information must be reported on TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE?

The information that must be reported includes the previous property address, the new property address, details of the homestead assessments received, and any other pertinent identification information required by the local jurisdiction.