Florida Tax Portability Explained

The information below is an example of part of the Amendment 1 which we will be voting on Jan. 29th, 2008.
Remember, it must pass by 60% of the vote to become effective.

Portability of Save our Homes (SOH)

To calculate your Save Our Homes (SOH) Benefit for portability purposes, use the following formula:

Market Value – Assessed Value = SOH benefit $ amount

Example:
FIGURES FROM PROPERTY APPRAISERS STATEMENT:
Purchased home in 1990 - $52,000
Filed for Homestead exemption when available - $25,000
2007 Assessed Value - $74,274 (depressed value due to 3% cap benefit)
2007 Taxable Value - $49,274 ($74,274 – $25,000 exemption)
2007 Market Value - $243,605

SOH Benefit: $243,605 - $74,274 =$169,331

UPSIZING: move to a $400,000 home in Florida
If you were to sell this home and move to a more expensive (more than $243,605) home, you would take the dollar amount of $169,331 to be taken from the assessed value of your new home to decide your new tax base.
$400,000 – $169,331 = $230,669(new assessed value for your tax base)
Homestead or other exemptions would be subtracted from the assessed value to compute your new taxable value.


DOWNSIZING: move to a $200,000 home in Florida
If you were to sell this home and move to a less expensive (less than $243,605) home, you would take the same percentage of benefit you received.
$169,331/243,605=69.5%
69.5% * $200,000 = $139,000 benefit
$200,000 - $139,999 = $61,000 (new assessed value for your tax base)
Homestead or other exemptions would be subtracted from the assessed value to compute your new taxable value.

(refer to your property appraisers statement for your figures)