Homestead & Save Our Homes Portability in Venice

Worried you will lose your property tax savings when you move to Venice? If you have a Florida homestead now, the Save Our Homes portability rules may let you bring a valuable assessment cap to your next home. In this guide, you will learn what portability is, who qualifies, how to file in Sarasota County, and how the math works with simple examples. Let’s dive in.

Save Our Homes basics

Florida’s Save Our Homes (SOH) limits how much the assessed value of a homesteaded property can increase each year. The cap is the lower of 3 percent or the change in CPI, as set out in state law. This creates an assessment difference between the market value and the capped assessed value. That difference is your SOH benefit and it can often be transferred to a new Florida homestead under portability rules. See the statute for homestead assessments.

Portability lets you move some or all of that assessment difference to your next homestead, which lowers the assessed value used to calculate property taxes. The maximum amount you can transfer is $500,000. Local millage rates still determine the final tax bill. Review a plain-language overview of portability and the $500,000 cap.

Who qualifies and when to file

To use portability, your prior property must have actually received the Florida homestead exemption, and you must have abandoned that homestead before the relevant January 1. You also need to establish the new homestead within three assessment years after the last year you received homestead on the prior property. Sarasota County’s FAQ explains the three-assessment-year lookback.

You must file for the new homestead and portability by March 1 of the tax year you want the benefit. In Sarasota County, you file the homestead application and the portability attachment together by March 1. Check the county’s homestead and portability guidance.

Forms you need

File these with Sarasota County for your new Venice homestead:

• DR-501: Original Application for Homestead Exemption.
• DR-501T: Transfer of Homestead Assessment Difference (portability attachment).
• DR-501TS: Designation of Ownership Shares of Abandoned Homestead (use if spouses or co-owners must allocate shares).
• DR-501RVSH: Certificate for Transfer of Homestead Assessment Difference (completed by the prior county’s appraiser and sent to Sarasota County).

You can download the official forms from the Florida Department of Revenue. Access the DR-501, DR-501T, DR-501TS, and DR-501RVSH.

How the math works

Portability depends on the relationship between your new home’s market value and your prior home’s market value. The statute provides two paths for the calculation. Review the statutory framework.

Upsizing example

If your new home’s just (market) value is equal to or greater than your prior home’s just value, you can usually transfer the full prior SOH assessment difference, up to $500,000. Example: prior just value $400,000 and prior assessed value $300,000 creates a $100,000 SOH benefit. If your new home’s just value is at least $400,000, you may transfer $100,000. See a county explanation of the upsizing rule.

Downsizing example

If your new home’s just value is lower, the transfer is prorated. A common approach is to compute a cap ratio and apply it to the new home’s just value. Example: prior just $400,000, prior assessed $300,000, SOH benefit $100,000. The cap ratio is 100,000 ÷ 400,000 = 0.25. If the new home’s just value is $250,000, portability is about 0.25 × $250,000 = $62,500. The county will finalize the assessed value using the statutory method. See an example of the downsizing calculation.

Venice filing and contacts

Sarasota County follows the statewide March 1 deadline for homestead and portability filings. You can get in-person help at the South County service center in Venice: R.L. Anderson Administration Center, 4000 S. Tamiami Trail, Venice, FL 34293. For questions or to confirm document delivery options, contact the Property Appraiser’s office. Find current contact information and office locations.

If your prior homestead was in a different county, Sarasota County will request the certification (DR-501RVSH) from that county. The prior county must send it by April 1 or within two weeks of receiving the request. This inter-county exchange can affect timeline. See the statewide procedural rule.

Common scenarios to watch

• Spouses and co-owners. If multiple owners received homestead on the prior property, each may transfer only their share. Use DR-501TS if you need to designate shares, such as in a divorce. Review the rule for ownership shares.
• Abandoning your prior homestead. You can notify the prior county in writing that you are abandoning the old homestead when you file the new one. This allows the reassessment needed for portability. See the abandonment guidance in the rule.
• Nontransferable reductions. Agricultural classifications and certain living-quarters reductions do not port. The county will add those back before calculating portability. Learn about exclusions in the rule.
• Late filing. Portability must be filed by March 1. Some narrow exceptions may exist in state rules, but benefits typically begin in the first year approved. Ask the county about any late options.

Step-by-step checklist

• Apply for your new Venice homestead by March 1 (DR-501), and submit DR-501T with it. Have Florida ID with your Venice address, voter or vehicle registration, deed or closing statement, and Social Security numbers handy. Confirm required proofs with Sarasota County.
• If you need to divide a prior SOH benefit between owners or former spouses, complete DR-501TS. Download the forms from the DOR.
• If your prior homestead is in another county, expect Sarasota County to request the DR-501RVSH from that county. Keep copies of your closing statements and any abandonment notice you send. See the statewide process and deadlines.
• Track your application status and follow up with the Property Appraiser if needed. Use the county’s contact page for assistance.

Plan your move with confidence

Portability can preserve years of tax savings when you buy your next home in Venice. It does not change tax rates, but it can lower your assessed value and help your long-term budget. If you want a clear path from numbers to negotiation, partner with a local expert who understands both pricing and timelines.

If you are planning a move, reach out to Christine Spelman for calm, expert guidance and appraisal-informed strategy from search to closing.

FAQs

What is Save Our Homes portability in Florida?

• It lets you transfer the assessment difference from your prior Florida homestead to your new Florida homestead, which can lower your new assessed value (up to $500,000).

What is the Sarasota County deadline to file portability?

• You must file your homestead application and the portability attachment by March 1 of the tax year you want the benefit.

How long do I have after selling to use portability?

• You must establish the new homestead within three assessment years after the last year you received the homestead exemption on the prior property.

Does portability change my property tax rate in Venice?

• No. Portability can lower assessed value, but tax rates are set by local millage and are not changed by portability.

Can I port my benefit from another Florida county to Sarasota County?

• Yes. Sarasota County will request certification from the prior county, then apply the approved portability amount to your new homestead once received.

What if my new home is less expensive than my old one?

• The portability amount is prorated using a statutory formula, so you will transfer a proportional share of your prior assessment difference.