Q: For SOH portability, how is the market value determined?
For SOH portability, is the market value considered the amount the county recorded as the market value in the year you sold it, or would the market value be the price you sold for? This tax year my market value according to the county was $186936 but the property was sold for $290,000. Which amount would be used for portability?
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A:
For SOH (Save Our Homes) portability, the market value used is typically the assessed value determined by the county property appraiser, not the actual sale price of your home. The assessed market value is the figure that the county recorded for tax purposes, which in your case was $186,936.
The amount you sold the property for, $290,000, is not used in calculating SOH portability. Instead, the difference between the assessed market value and your home's assessed value, which reflects the benefits of the Save Our Homes cap, is what gets transferred.
So, for portability, focus on the county's recorded market value rather than the sale price. This ensures you understand how much of your SOH benefit can be carried over to your new property.
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