Portability

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.

 

 

 

 

 

Just Value/Market Value

$162,400

 

Assessed Value

$104,730

 

Taxable Value

$ 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)

=

$242,330

 

$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.

 

                                 

 

Contact Information

Photo of Mark Castagna Real Estate
Mark Castagna
Waters Edge Realtors
5363 Central Ave
St. Petersburg FL 33710
Tel (727) 346-1907
Fax: (888) 482-1177