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Property Tax Portability Explained

October 10th, 2007 by flanews

More details of the latest plan to cut property taxes are surfacing tonight. One of the key items in the new plan lets homeowners take their Save Our Homes savings with them when they move anywhere in Florida. As Chris Casquejo tells us, you’ll need a calculator to understand how the new plan affects you.

Hear it here: Property Tax Portability Explained

Portability is a concept that lets you take your homestead savings to a new house, bigger or smaller.

Check your tax bill. It will list your homes market value. In this case, just over $262,000. It will also list the assessed value, just over $158,000. The difference is $104,000.

If you moved to a $300,000 home, you would subtract that $104,000, leaving the assessed value of the new home at $196,000. Then subtract the new $50,000 dollar homestead exemption and you’re paying taxes on a $146,000 dollar home.

You can also take the saving the other way, to say a $150,000 dollar home. Now you have to figure the percentage of your assessed value to your current home’s true value, which in this case is 60%. That leaves you with a new assessed value of $90,000, minus the $50,000 homestead, for a taxable value of $40,000.

Under this new plan, you have up to a year after you sell your old house to buy a new home and keep your Save Our Homes exemption.

Smaller counties worry that they could lose 90 percent of their revenue if the homestead exemption is doubled.

“If current proposals went through, they would go from 3 ambulances to one,” said Cragin Mosteller with the Florida Association of Counties. “That’s not a dog catcher, that’s critical life-saving services.”

Lawmakers could vote on this property tax plan by next Wednesday.

Posted in Amendments, Elections, Politics, Property Taxes, State News | 5 Comments »

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