Explanation of PortabilityExplanation of Portability

Okaloosa County Property AppraiserPete Smith

What is Portability?

PortabilityThe 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

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With Portability, it provides for the transfer With Portability, it provides for the transfer of up to $500,000 of accumulated Save of up to $500,000 of accumulated Save Our Homes benefits to a new homestead Our Homes benefits to a new homestead property within 2 years.property within 2 years.

So, what exactly is someone “porting” to a new home?

Portability ExamplePortability ExampleIf Owner Buys A Larger HouseIf Owner Buys A Larger House

$185,000$185,000 Just Value of Existing HouseJust Value of Existing House$ 55,000$ 55,000 SOH Benefit SOH Benefit

$300,000$300,000 Just Value of Larger HouseJust Value of Larger House$ 55,000$ 55,000 SOH TransferSOH Transfer

$245,000$245,000 Assessed ValueAssessed Value $50,000$50,000 ExemptionsExemptions

$195,000$195,000 Taxable ValueTaxable Value

Portability ExamplePortability ExampleOwner Buys a Smaller HomeOwner Buys a Smaller Home

$185,000$185,000 Just Value of Existing HouseJust Value of Existing House$ 55,000$ 55,000 SOH Benefit AccrualSOH Benefit Accrual

$129,500$129,500 Just Value of Smaller HouseJust Value of Smaller House$ 38,500$ 38,500 SOH TransferSOH Transfer

$91,000$91,000 Assessed ValueAssessed Value$50,000$50,000 ExemptionsExemptions

$41,000$41,000 Taxable ValueTaxable Value

PortabilityPortabilityCalculation of Proportionate TransferCalculation of Proportionate Transfer

$129,500$129,500 Just Value of New Home Just Value of New Home $185,000$185,000 Just Value of Existing HouseJust Value of Existing House

$ 55,000$ 55,000 SOH Benefit AccrualSOH Benefit Accrual

$129,500 / $185,000 = .70$129,500 / $185,000 = .70$55,000 X .70 = $38,500$55,000 X .70 = $38,500

You must visit our office to make You must visit our office to make application for portability.application for portability.

Call us for information on porting your Call us for information on porting your value from your previously owned home at value from your previously owned home at (850) 651-7240, Ft. Walton Beach Office (850) 651-7240, Ft. Walton Beach Office or, (850) 689-5900, Crestview Office.or, (850) 689-5900, Crestview Office.

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