If the market value of your current homestead property is greater than its assessed value, portability would allow you to transfer that difference in value to your new property. The proposed Property Tax Reform amendment caps the portability benefit at $500,000.
ALL CALCULATION ESTIMATES PROVIDED HERE ARE BASED ON "WHAT IF" SCENARIOS.
Certain homestead exemptions, such as the Senior Exemption for qualified seniors and Veterans Exemption were not factored into the estimates. Also, if your property is subject to a partial cap because of deed tenancy or use, this calculator will not function for your property. Please call our Exemption Services at (727) 464-3294 for more information.
**The Just/Market Value is the primary value established by our office. Under Florida law, the status of a property on January 1 is the criteria for establishing the value for the entire year. Each year's value stands alone and is based on market information including sales of comparable property that occurred prior to the assessment date.
Please note: If your purchase price is from a foreclosure or short sale, your actual purchase price may not reflect the Just/Market value used for determining your taxes. If this is the case, you should enter the reasonable market price of a sale of a similar home in a similar area sold under normal financial conditions to more accurately use this calculator.
The purpose of this calculator is to provide an estimate of real property tax savings based upon the information you enter. The estimate is only as accurate as the information entered and it is only an approximation. The calculator will not provide actual taxes, and is not binding.
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