How does “downsizing” work?
Downsizing occurs where your New Homestead Property has a lower Just (Market) Value than your Previous Homestead property’s Just Value from the last year you held a Homestead exemption there. When you downsize, you transfer a “portability factor”, which is a multiplier used to determine the portability deduction from your new Homestead property’s Just Value. To determine your Portability factor: first, deduct your Save Our Homes Value from your Just Value for the last year you held a Homestead exemption on the Previous Homestead property – this is your Homestead assessment difference; second, divide the assessment difference by the Just Value of the Previous Homestead property the result is your Portability factor. Your Portability factor is then multiplied by the Just Value of your New Homestead property to determine your actual Portability value that will be deducted from the new property’s Just Value. You may use the portability calculator at the top of any property record page to s
Downsizing occurs when your New Homestead Property has a lower Just (Market) Value than your Previous Homestead property’s Just Value from the last year you held a Homestead exemption there. When you downsize, you transfer a “portability factor”, which is a multiplier used to determine the portability deduction from your new Homestead property’s Just Value. To determine your Portability factor: first, deduct your Save Our Homes Value from your Just Value for the last year you held a Homestead exemption on the Previous Homestead property – this is your Homestead assessment difference; second, divide the assessment difference by the Just Value of the Previous Homestead property the result is your Portability factor. Your Portability factor is then multiplied by the Just Value of your New Homestead property to determine your actual Portability value that will be deducted from the new property’s Just Value. You may use the portability calculator at the top of any property record page to se
