Understanding Portability

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UNDERSTANDING PORTABILITY : 

UNDERSTANDING PORTABILITY And Other Tax Benefits

Vote - January 29, 2008 : 

Vote - January 29, 2008 Save Our Homes Portability Tangible Personal Property Exemption Assessment Cap on Non-Homestead Properties

Save Our Homes Portability : 

Save Our Homes Portability Q: What is Save Our Homes (SOH)? A: An assessment cap on all homestead properties of 3% or Consumer Price Index (CPI) (whichever is less) beginning from the base year. Base year – the year in which the property owner applies for homestead exemption (Deadline: March 1st.)

SOH Cap Differential & SaleSOH – Effective Date Jan. 1, 1995 : 

SOH Cap Differential & SaleSOH – Effective Date Jan. 1, 1995

Building Equity and Cap Differential : 

Building Equity and Cap Differential

Portability – Up Sizing in Value : 

Portability – Up Sizing in Value Market Value – Assessed Value = Portable Tax Savings

Portability – Downsizing in Value : 

Portability – Downsizing in Value Assessed Value / Market Value = Percentage of SOH Saving to be Applied to New Property

How SOH Portability Works : 

How SOH Portability Works

How SOH Portability REALLY Workswww.miamidade.gov/pa SOH Portability - Effective Date Jan. 1, 2008Sale Transaction - Effective Date Jan. 1, 2007

Tangible Personal Property Exemption : 

Tangible Personal Property Exemption Starting with the 2008 tax bill, businesses will be exempted up to $25,000 in assessed value for tangible personal property tax.

Slide 11: 

What is tangible personal property?

Slide 12: 

What is tangible personal property? Furniture, fixtures and equipment located in businesses and rental property. It also applies to structural additions to mobile homes.

Assessment Cap on Non-Homestead Properties : 

Assessment Cap on Non-Homestead Properties Beginning with the 2009 tax bill, all non-homestead properties will have a 10% assessment cap.

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