What is the Property Tax Portability Amendment?
On January 29, 2008. the citizens of Florida voted for the implementation of the 2007 Special Session D legislation (increases to the homestead exemption, homestead portability, tangible personal property tax exemption, and assessment caps on non-homestead property). In short, the “Property Tax Portability Amendment”. The amendment provides in part for homeowners to transfer some or all of their savings in property taxes as a result of their homestead when they sell their home and purchase another home in Florida. Previously, the assessed value of the new home would be readjusted as a result of the new purchase to reflect the new “fair value”.
