What is the formula used to determine the amount available for portability?
If you are upsizing (buying home with higher just market value than previous home) please refer to the following example: Previous Home Valued @ $400,000 and Assessed @ $200,000 (SOH Value) $400,000 – $200,000 = $200,000 (Portable Amount) New Home Valued @ $500,000 – $200,000 (Portable Amount) = $300,000 (New Assessed Value for New Home) If you are downsizing (buying home with lower just market value than previous home) please refer to the following example: Existing Home Valued @ $400,000 and Assessed @ $200,000 (SOH Value); $200,000 divided by $400,000 = .50% (% eligible to port to new property) New Home Valued @ $300,000 X .50% (% eligible to port) = $150,000 (Assessed Value of New Homestead)
