How is portability calculated in Florida?

How does portability work? If your new residence has a higher market value than your former residence, the portability amount is determined by subtracting the assessed value of the former home from its market value.

How does portability work in Broward County?

Portability is the difference between the Property Appraiser’s Just Value of a property and the Save Our Homes value of that property. Portability allows you to transfer up to $500,000 of your property’s actual 3% assessment cap to your new property anywhere in Florida.

How is homestead portability calculator?

Calculating the Transfer of Homestead Assessment Difference – Better known as Portability. *Note: The amount Save Our Homes Assessment Difference transferred is apportioned at 60%. Here is how it is calculated: 150,000 / 250,000 X 150,000 = $90,000 (New Assessed Value).

How does homestead portability work in Florida?

Homestead assessment difference transfer (“portability”) allows eligible Florida homestead owners to transfer their Save Our Homes (SOH) assessment limitation from their old homestead to a new homestead, lowering the assessed value for the new homestead.

How does property tax portability work in Florida?

Since 1995, when a property begins receiving a Homestead Exemption the assessed value on the tax roll cannot increase more than 3% or the CPI, whichever less. It may be transferred to any property in Florida and is commonly referred to as “PORTABILITY.”

What is Soh Red portability?

If you are eligible, portability allows most Florida homestead owners to transfer their SOH benefit from their old homestead to a new homestead, lowering the tax assessment and, consequently, the taxes for the new homestead.

What is a portability benefit?

Portable benefits mean that the benefits are attached to the individual employee, instead of the employer. The portability allows individuals to take these benefits with them when they change jobs or move from one employer to another.