Save Our Homes Assessment Limitation & Portability Transfer
For most homeowners, property taxes is one of the largest recurring annual expenses. Since the property tax amount is typically based on a percentage of your homes value, the amount can vary significantly. In some cases, a rapid increase in home values can be the cause of a tax bill that renders one home no longer affordable.
Since property values in Florida have improved substantially over the past several decades, the state enacted a law limiting the annual increase in the property tax assessment to the lesser of 3% or the Consumer Price Index for homestead property owners. This is known as the Save Our Homes Assessment Limitation. As a result, large changes in value will not significantly impact property tax rates in most cases.
The Save Our Homes provision also allows a Florida homestead property owner to effective transfer all or part of the assessment difference when moving to another homestead property within the state. The “Portability Transfer” benefit allows most Florida homestead owners to transfer their Save Our Homes assessment limitation from their prior home to a new homestead. In most cases this should lower the tax assessment and consequently, the property taxes on the new home.
If you have any questions about Save Our Homes or Florida real estate in general, contact her directly at 561.315.5022 and Amy would be happy to speak with you.
