Let Save Our Homes Explain Portability in Florida...

Is Save Our Homes portability selling houses? Let Save Our Homes explain...
When people buy a home, they can apply for a $50,000 homestead exemption. If their home costs $100,000, the homestead exemption allows them to pay taxes on $50,000 instead.

There’s a second exemption, called Save Our Homes. If the market value of a house rises,
for example, from $100,000 to $110,000 in a year, or to $200,000 in 10 years, the county tax assessor can raise the market value of the house by only 3 percent per year. So a house worth $100,000 in 1998 can have a maximum market value of only $134,000 in 2008.That means the cumulative effect of Save Our Homes is enormous.On Jan. 29, Florida voters approved Amendment 1, which allowed homeowners to transfer the Save Our Homes exemption when they bought a new home. Its feature, called portability, would help sell homes, real estate agents said. People had been living for years in homes that were too large or too small, and that big tax break would be the catalyst for trading places.

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