A Cap on the Assessed Value of Your Non-Homestead Property.
A Cap on the Assessed Value of Your Home.
Many Homestead property owners find they are unable to downsize or relocate to a new residence because purchasing a replacement property starts a new assessment and tax basis at current market values. Portability enables relocation while, at the same time, retaining the limitation on assessed value.
The application deadline for transferring your Save Our Homes cap is March 1st.
If you are porting your savings from another county to Hardee, your application form will be sent to the Property Appraiser’s office in the county where your prior Homestead was located for verification and qualification. Your prior Property Appraiser will issue a Certificate of Portability form DR-501RVSH and return the form to our office for processing.
” . . . the assessed value of the new Homestead shall be the just value of the new Homestead minus an amount equal to the lesser of $500,000 or the difference between the just value and assessed value of the immediate prior . . .”
If you moved to a property with HIGHER Market Value
|Portable Cap ($150,000-100,000)||$150,000|
|Minus Portable Cap||-$50,000|
EXAMPLE 2: When moving to a home with a lower market value than your prior Homestead, the statute allows for the following:
” . . . the assessed value of the new Homestead shall be equal to the just value of the new Homestead divided by the just value of the immediate prior Homestead and multiplied by the assessed value of the immediate prior Homestead . . .”
If you moved to a property with LOWER Market Value
|Portable Cap ($200,000-175,000=$25,000)Percentage of Market ($25,000 ÷ $200,000 = 12.5%)||$25,000|
|Assessed Value ($150,000 ÷ $200,000 = .75 x $175,000)||$131,250|
Portability Cap ($150,000 – 131,250)
Percentage of Market Value ($150,000 x 12.5%)
In both examples above, the portable cap is less than $500,000, so no further adjustment is warranted.
Save Our Homes
Transfer of Your ‘Save Our Homes’ Cap to a Different Florida Homestead.
For example, a property’s market value did not change. However, since its assessed value remains below market value, the Property Appraiser must increase the assessed value by the annual limit to bring its value closer to full market value.