Buying in Tampa and hearing about Florida’s homestead and portability rules? You’re not alone. These programs can lower your property tax bill, but the deadlines and paperwork can feel confusing, especially if you are moving from Palm Beach or another Florida county. In this guide, you’ll learn what homestead is, how portability works, and the timing moves that keep more money in your pocket. Let’s dive in.
Florida homestead in plain English
Florida’s homestead exemption is a property tax benefit for your primary residence. When you claim it, your home’s assessed value for tax purposes is reduced. Over time, a limit on annual assessment increases also helps curb how fast your taxable value can rise.
There is a second benefit called Save Our Homes, which caps yearly assessment increases on homesteaded properties. Over the years, that cap creates a gap between market value and assessed value. That gap is valuable because it keeps your taxes lower than they would be without the cap.
Portability lets you take part of that gap with you when you move to a new Florida primary home. If you qualify, the county appraiser for your new home can apply a portion of your prior benefit to your new assessment, which may reduce your tax bill.
Who qualifies and when in Hillsborough
To claim homestead in Tampa or anywhere in Hillsborough County, you must make the property your permanent home. You also need to own the property and apply with the Hillsborough County Property Appraiser.
The key deadline is March 1 for the tax year you want the exemption to start. If you close and move in before March 1 and meet the residency requirements, you can apply for that same tax year. If you close after March 1, you generally wait until the next tax year to see the benefit.
Expect to provide proof of ownership and Florida residency. Common documents include your deed or closing statement, a Florida driver’s license, voter registration, vehicle registration, and recent utility bills at the property address. If you plan to claim portability, you will also need information about your previous Florida homestead.
Portability when moving to Tampa
If you had a Florida homestead before and you move to a new Florida primary home, portability can transfer some or all of your prior Save Our Homes benefit.
What you can transfer
You may be able to transfer the difference between the market value and the assessed value from your old homestead to the new one. This reduces the taxable assessed value of your new home. The exact amount and calculation follow state law and can be updated from time to time, so confirm current details with the county property appraiser or the Florida Department of Revenue.
How to file for portability
You usually request portability when you apply for homestead on the new property. Many counties let you complete both requests at the same time. Be ready to provide the prior homestead’s parcel or account number, the address, your name as it appeared on that account, and the sale or closing dates for both properties.
If you are moving from Palm Beach County to Hillsborough County, the Hillsborough office will verify your prior homestead and the Save Our Homes differential using records from Palm Beach County. The counties coordinate behind the scenes, but you supply the key details to get the process started.
Timing rules to watch
Portability is tied to your new homestead filing. The March 1 homestead deadline is the date that matters for portability to apply to that tax year. If you sold your previous homestead in an earlier year and did not move portability yet, ask the property appraiser about the current window for eligibility and how it applies to your move.
Planning your closing date
Closing near the March 1 deadline can affect your property taxes for the first year. If you close and move in before March 1 and you qualify, you can file for that year’s homestead. If you close after March 1, you usually wait until the following year for the exemption to show on your tax bill.
Talk with your CPA about whether it makes sense to time your closing before or after March 1. Consider how tax proration at closing compares with the long-term savings from starting homestead and portability sooner.
Title and ownership choices
Homestead is a benefit for individuals who occupy the home as their primary residence. If you title the property in an LLC or corporation, you generally will not qualify for homestead. Trusts can be eligible in some cases, but the details matter. If you plan to use a trust, speak with your attorney before closing so the trust is structured to preserve eligibility.
For married buyers, you may hold title together and claim a single homestead for the family home. Forms of ownership like tenancy by the entireties offer different creditor and estate implications. Review these choices with your attorney to align eligibility with your long-term goals.
A practical pre-closing checklist
Use this quick list to prepare your homestead and portability filing and avoid delays:
- Confirm your timeline. Will your closing and move-in date allow filing by March 1 for the current tax year?
- Gather residency documents. Plan to update your driver’s license, voter registration, vehicle registration, and utility accounts to the new address.
- Collect prior homestead info. Get the parcel or account number, address, and closing date for the home you are leaving.
- Decide on title vesting. Confirm with your attorney how you will hold title to qualify for homestead and meet estate planning goals.
- Coordinate with your CPA. Review how homestead, the assessment cap, and portability affect your first-year cash flow and long-term tax plan.
- Assign filing responsibility. Decide who will submit the homestead and portability applications after closing and set reminders.
Special situations and edge cases
Some situations add complexity and may require extra documentation:
- Partial ownership. If you own less than 100 percent interest, ask how the exemption is allocated.
- Separated or nonresident spouse. Confirm how homestead rules apply to your household.
- Purchase through an entity. If you must buy in an LLC for liability reasons, discuss whether and how you can later re-title to preserve eligibility.
- Trust or estate planning. If you intend to place the home in trust, verify that the trust structure supports homestead eligibility and protections.
- Non-U.S. citizens. Homestead eligibility generally requires Florida residency. Discuss tax and immigration questions with your advisors.
Local steps in Hillsborough and Palm Beach
The homestead and portability programs are statewide, but the forms, portals, and processing vary by county. In practice, here is how to navigate the two counties most buyers in this move-pattern care about:
- Hillsborough County. File your homestead application with the Hillsborough County Property Appraiser. Use the county’s current forms and checklist, and include portability details if you are transferring a prior benefit.
- Palm Beach County. If you are starting in Palm Beach, or moving from Palm Beach to Tampa, consult the Palm Beach County Property Appraiser for its homestead records and portability documentation. This helps Hillsborough verify your Save Our Homes differential.
In both counties, confirm processing times and any notices you should expect after you apply. Ask staff how they handle edge cases such as trusts or partial ownership so you are ready with the right documents.
Bottom line for Tampa buyers
Homestead and portability can deliver meaningful, long-term tax savings when you buy in Tampa. The most important moves are simple: make the home your permanent residence, file by March 1, and bring complete records from your prior Florida homestead if you want to transfer your benefit. Coordinate early with your CPA, your attorney, and the county property appraiser so your filing is accurate and on time.
If you are relocating from Palm Beach or another Florida county, portability can smooth the tax jump on your new home. Get your prior parcel number and sale dates ready before closing so your application is seamless.
Ready to plan your purchase and timeline with confidence? Reach out to Unknown Company for discreet guidance on aligning your closing strategy with your tax goals.
FAQs
What is Florida’s homestead exemption for Tampa buyers?
- It is a property tax benefit for your primary residence in Hillsborough County that reduces your assessed value and limits how fast assessments can rise year to year.
When is the homestead filing deadline in Hillsborough County?
- March 1 is the deadline for the tax year you want the exemption to apply. If you close after March 1, the benefit typically starts the following tax year.
How does portability work when moving from Palm Beach to Tampa?
- You can request to transfer part of your Save Our Homes benefit from your prior Palm Beach homestead to your new Hillsborough homestead when you apply for homestead in Hillsborough.
What documents do I need to claim portability in Tampa?
- Have your prior homestead parcel or account number, the address, your name as listed on the prior account, and the closing or sale dates for both the prior and new homes.
Can I get homestead if the home is owned by an LLC?
- Generally no. Homestead is for individuals. If you need a trust or other structure, consult an attorney to ensure you can maintain eligibility.
What if I close before March 1 and move in right away?
- You can apply for that year’s homestead if you meet ownership and residency requirements by March 1. Confirm details with the property appraiser.
