The "Save Our Homes" (SOH) Amendment in Florida’s Constitution was intended to prevent homeowners from being taxed out of their homes due to rapidly rising real estate values. It met that goal, but caused many other problems along the way.
That is why Florida voters adopted a "portability" constitutional amendment in 2008 to allow eligible homesteaded owners to move savings from one property to the next. Homesteaded owners may now move their Save Our Homes (SOH) benefit -- up to $500,000 -- from one homesteaded property to the next within Florida. To be eligible to move these SOH savings, the new Homestead must be establishedwithin two tax yearsof the "abandonment" of Homestead at the previously Homesteaded property. Owners of Homesteaded properties sold (or "abandoned as homestead") are eligible to move their SOH savings to a newly purchased property so long as the owner obtains homestead on the new property within the strict period allowed by law (see above). Portability applies to both upsizing and downsizing in value, based upon specified formulas. Portability may be used an unlimited amount of times and may be used for moves to anywhere within Florida. Portability does not require you to sell your previous home, but merely that you no longer claim it anywhere as your permanent residence.
If you are applying for a new Homestead Exemption AND you held a Homestead Exemption on a previous property within the last 2 tax-years anywhere in Florida, you should also submit a Portability application with your Homestead application. Note: a Portability application transfers any tax savings you have earned, but it doesNOTtransfer your Homestead Exemption from one property to another. YouMUSTfirst apply for a Homestead Exemption in order to be eligible for Portability.Click here to begin the online Homestead application processand you will automatically be prompted to print and complete a Portability application if your application information indicates you held an eligible Homestead exemption on a previous Florida property.
Author:Linda Stevenson Phone: 603-264-6920 Dated: March 9th 2016 Views: 284 About Linda: ...
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LUX Florida Home Collection & Bankers Realty Services are a full service real estate firm. Since 2000 we have been listing, selling, leasing & managing property for both residential and commercial real estate owners throughout South East Florida. We have a team of experienced Real Estate, Mortgage, Appraisal & Legal professionals who all work together to assist in our clients needs.
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