Example:
$400,000
$500,000
$500,000
-$250,000
$150,000
-$150,000
New Home Assessed Value
$350,000
$500,000
$400,000
$300,000
$300,000
-$250,000
$150,000
-$112,500
New Home Assessed Value
$187,500
$300,000
New Market Value / Prior Market Value x Old Assessed Value = New Assessed Value
$300,000 / $400,000 x $250,000 =
$187,500
New Market Value - New Assessed Value = Ported SOH Exempt Value
$300,000 - $187,000 =
$112,500
PORTABILITY
Of Save Our Homes Exempt Value
In 1992, Florida voters adopted an amendment to the State Constitution known as Save Our Homes (SOH.)
SOH limits the annual increase in the assessed value of a homestead property to the lesser of 3% or the prior
year's Consumer Price Index. The Purpose of SOH is to prevent long-time residents from being forced from
their homes due to high property taxes. One unforeseen consequence of SOH is that many homestead
property owners feel trapped in their homes. If they move, they lose their SOH protection and face huge
increases in property taxes on their new property. Portability allows property owners to transfer all, or a
significant portion of their property tax savings to a new property.
Prior Home (2007)
Here's how portability works. If the market value of your homesteaded property is greater than its assessed
value, Amendment One permits you to transfer that difference in value to your new property under the
following scenarios:
If the property you are moving to is more expensive than your current property, you can transfer up to
$500,000 of your actual Save Our Homes (SOH) Exempt Value to your new property.
Market Value
Capped Assessed Value
New Home (2008)
With Portability
New Home (2008)
Without Portability
New Home (2008)
With Portability
New Home (2008)
Without Portability
Market Value
Capped Assessed Value
SOH Exempt Value
If the property you are moving to is less expensive than your current property, you can transfer a proportional
amount of the actual Save Our Homes (SOH) exempt value to your new property. This amount cannot exceed
$500,000.
Prior Home (2007)
SOH Exempt Value
When moving to a less expensive property the assessed value of the new property is the product of the ratio
between the 2008 market value of your new property and the 2007 market value of your prior property, times
the assessed value of your current property.
