Is “Portability” The Answer To Our Property Tax Cuts

State Republican leaders are crafting a tax bill that will allow homeowners to carry their tax savings (Portability) accumulated from Save Our Home to a new home. This bill stands a better chance of passing with voters as most long term residence were not in favor of eliminating the Save Our Homes entirely.

Under the new plan, if we take the average home value for Florida which is $259,000 and the taxable value from SOH of $163,3565 and subtract, we have a discount equal to $95,644 or about 37% of market value. If the owner sold this home and moved up to a more expensive home of $310,000, the dollar amount of there old SOH tax break would travel to there new home ($95,644). Combined this with the proposed $50,000 homestead exemption and the tax bill would be around $1569 vs $2715 under the current tax law.

The big question is whether this new bill will withstand the same legal challenges as the last proposal. If this bill passes, we may see homeowners sell their homes who have not wanted to move  because they did not want to lose their tax breaks under the Save Our Home . This is a bill that so far seems to have not only political support but voter support as well. Only time will tell as this bill moves through both Houses of the State Senate.