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Explanation of Portability

Explanation of Portability. Okaloosa County Property Appraiser Pete Smith. What is Portability?. Portability

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Explanation of Portability

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  1. Explanation of Portability Okaloosa County Property Appraiser Pete Smith

  2. What is Portability? Portability The ability to transfer the benefit of the homestead property assessment limitation (defined in FS 193.155) described as the dollar value difference between market value and assessed value, or a percentage thereof, from an existing homestead to a newly homesteaded property. MARKET VALUE (MINUS)ASSESSED VALUE = PORTABLE AMOUNT

  3. Portability • With Portability, it provides for the transfer of up to $500,000 of accumulated Save Our Homes benefits to a new homestead property within 2 years. So, what exactly is someone “porting” to a new home?

  4. Portability ExampleIf Owner Buys A Larger House $185,000 Just Value of Existing House $ 55,000 SOH Benefit $300,000 Just Value of Larger House $ 55,000 SOH Transfer $245,000 Assessed Value $50,000 Exemptions $195,000 Taxable Value

  5. Portability ExampleOwner Buys a Smaller Home $185,000 Just Value of Existing House $ 55,000 SOH Benefit Accrual $129,500 Just Value of Smaller House $ 38,500 SOH Transfer $91,000 Assessed Value $50,000 Exemptions $41,000 Taxable Value

  6. PortabilityCalculation of Proportionate Transfer $129,500 Just Value of New Home $185,000 Just Value of Existing House $ 55,000 SOH Benefit Accrual $129,500 / $185,000 = .70 $55,000 X .70 = $38,500

  7. Portability • You must visit our office to make application for portability. • Call us for information on porting your value from your previously owned home at (850) 651-7240, Ft. Walton Beach Office or, (850) 689-5900, Crestview Office.

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