Q: I'm trying to understand the Florida property tax portability law.
My assessed value is $138,187 and the market value is $420,000 leaving a difference of $281,813. My understanding is that I can reduce the assessed value of the new home for property tax purposes by $281,813. Is that correct? If I am a Florida resident moving from one home in Florida to another is this automatically approved if I apply or are there stipulations that may cause a denial? Thank you!
A:
Yes, your understanding of Florida's portability law for property taxes is generally correct. Here are some key details:
- Florida allows portability of the difference between a homestead property's market value and assessed value when a Florida resident moves from one Florida homestead to another. This is called "porting" your Save Our Homes (SOH) benefit.
- The amount you can potentially port is $281,813 in your example based on the market minus assessed value differential.
- When you apply for portability on your new home, the property appraiser must approve and apply this SOH benefit differential as long as you qualify. Requirements are:
- You must establish the new home as your permanent residence within 2 years.
- The prior home must have had homestead exemption status.
- You can only port once in a year.
- This should reduce your assessed value and thus property taxes on the new home. It essentially caps increases similar to if you stayed in the old home.
So in summary - yes, if you qualify as a FL resident moving homesteads, portability approval is generally automatic and can provide substantial property tax savings. The county appraiser can advise on any specifics for your situation.
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