finance

Save Our Homes and Portability (Florida)

A 1992 Florida constitutional cap limiting annual increases in a homestead's assessed value to the lower of 3% or the change in CPI, for all levies including school. The cap resets to just value on January 1 after a change of ownership, so buyers do not inherit the seller's capped value. Portability lets an owner transfer up to $500,000 of accumulated benefit to a new Florida homestead established within three years. Non-homestead property has a separate 10% annual cap for non-school levies only.