Good Evening Raul,
In response to your question homested portability aka â€œSave Our Homes Portability,â€ allows homeowners to take or â€portâ€ their property tax cap with them when they move, while also doubling the previous exemption for most homestead properties to $50,000 (from $25,000). Amendment 1 changes the previous Save Or Homes property assessment cap by allowing the difference between the market and just value assessments to be transferred to new homesteads.
Double Homestead Exemption.The current $25,000 homestead exemption remains: but a second $25,000 exemption is added for home value between $25,000 and $50,000. The second $25,000 exemption does not apply to school taxes. The portion of home values between $25,000 and $50,000 will still be taxed at all levels. Homestead owners will save about $240 dollars each year.
The portability allow homeowners of homestead property to transfer up to $500,000 in accumulated Save Our Homes benefits, including school taxes, to a new home. If buying something more expensive, a homestead owner calculates the savings by subtracting the assessed value (taxable value) from the just value (market value). The amount of savings is then subtracted from the just value on the new home. In most cases, the $50,000 homestead exemption will also be subtracted. If buying something less expensive, the calculation changes and is based on the percentage of tax savings rather than a dollar amount. If the assessed value of the original home was 50 percent of the just value, the homestead owner would transfer that percentage to the new homeâ€™s just value. Portability is retroactive to January 2007.
Did you Trade up or down last year? Email me for more information.