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Florida Owners Need "Portability" Tax Relief

Author johnbsims3
Admin 

#1 - Posted: 12 Feb 2007 10:31 
Florida Owners Need "Portability" Tax Relief

We support adopting a new constitutional PORTABILITY amendment allowing homesteaded owners to move their sheltered Save Our Homes (SOH) value from one primary residence to the next one in the same county under a governmental "local option." This concept was supported last November by 77% of Broward voters in the straw ballot question. Here is how it could work: Your current home has a market value of $300,000 and a SOH assessed value of $175,000 -- meaning the difference ($125,000) is the amount sheltered by SOH. If you sell that house and buy a new one for $325,000 (and qualify for homestead), your initial assessment for property taxes would be just $200,000 (the math: $325,000 Market Value minus the $125,000 portable SOH differential). We urge you to contact your State Senator and State Representative to urge them to place a Portability Amendment on the next statewide ballot. If the Legislature places the issue on the 2008 ballot, the earliest likely date it could become law would be sometime in 2009.

Politics and Issues Florida Homestead Services -- Florida Homestead Exemption Act MiniBB / Politics and Issues /
Florida Owners Need "Portability" Tax Relief
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