Portability Example
Former Homestead
Formula:

Save Our Homes (SOH) Cap Value =
Just/Market Value - Assessed Value

Taxable Value = Assessed Value - 50,000*

Taxes = Taxable Value x Millage rate (for this example we use 20 mills)

*The additional $25,000 exemption is applied to the assessed value between $50,000 and $75,000. It does not apply to school taxes, so those taxes ($25,000 x .0081 = 202.50) would be added back in to the final tax amount.
$162,400
$104,730
$ 54,730
Taxes (Avg 20 mills and
$50,000 homestead exemption)
$1,297*
Cap Value $57,670
($162,400 - $104,730)
35.5%
If you move to a more expensive home:
(Keep the Value of the Cap)

New Assessed Value =
(Just Value of new home - Save Our Homes Benefit of old home) - $50,000

New Taxable Value = New Assessed Value - Exemption

New Estimated Taxes = (New Taxable Value x Millage Rate) + School Taxes*
UPSIZING
to a home with a Just Value of $300,000
(New Assessed Value)
$300,000 - ($162,400 - $104,730)
 =
$242,300
$242,330 - $50,000 Exemption*
=
$192,330
(Taxable Value)
Taxes (Avg 20 Mills)
=
$ 4049*
Cap Value $57,670
(previous home's just value - previous home's assessed value)
19.2%
DOWNSIZING
to a home with a Just Value of $125,000
If you move to a less expensive home:
(Take Cap Percentage)

New Assessed Value =
(Just Value of New Home / Just Value of Old Home) x Assessed Value of Old Home

New Taxable Value =
(New Assessed Value - Exemptions)

New Estimated Taxes =
(New Taxable Value x Millage Rate) + School Taxes*
(125,000 / $162,400) x Old Assessed Value
$ 80,611
=
$80,611 - $50,000 Exemption*
=
$ 30,611
Taxable Value
$ 815*
=
Taxes (Avg 20 mills)
Cap Value $44,389 ($125,00 - $80,611)
35.5%
* Homestead exemption amounts based on an original $25,000 homestead exemption plus the additional $25,000 exemption on the assessed value between $50,000 and $75,000. The additional exemption would not apply to school taxes, so those taxes ($25,000 x .0081 = 202.5) have been added back in to the final tax amount.