Orlando Real Estate - Voters say ‘Yes on 1' PROPERTY TAX AMENDMENT!
As you may know, the January 29th 2008 Presidential Primary election Voters said ‘Yes on 1' Property Tax Amendment 1, Which lowers property taxes statewide. The property tax amendment allows buyers to take their Save Our Homes tax savings with them when they move. One of these changes allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits to their next homestead.
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
You can visit my Website at JerrySellsOrlando.com to view what it means to you. Click on: Property Tax Amendment. You can also use the Portability Calculator to determine your current Save-Our-Homes portability dollar amount, how the dollar amount is transferred to a new homestead, and the estimated tax dollar savings that may occur. I also have a link to the: Orange County Property Appraiser Homestead Portability Calculator.Call Jerry for your Real Estate Needs 407-580-7011, JerrySellsOrlando.com
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