Presentation Transcript
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.