Explanation of Portability Okaloosa County Property Appraiser Pete Smith

What is Portability?   Portability The ability to transfer the benefit of the homestead property assessment limitation (defined in FS ) 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

Portability  With Portability, it provides for the transfer of up to $500,000 of accumulated Save Our Homes benefits to a new homestead property within 2 years. So, what exactly is someone “porting” to a new home?

Portability Example If Owner Buys A Larger House $185,000Just Value of Existing House $ 55,000SOH Benefit $300,000Just Value of Larger House $ 55,000SOH Transfer $245,000Assessed Value $50,000Exemptions $50,000Exemptions $195,000Taxable Value

Portability Example Owner Buys a Smaller Home $185,000Just Value of Existing House $ 55,000SOH Benefit Accrual $129,500Just Value of Smaller House $ 38,500SOH Transfer $91,000Assessed Value $50,000Exemptions $41,000Taxable Value

Portability Calculation of Proportionate Transfer $129,500Just Value of New Home $185,000Just Value of Existing House $ 55,000SOH Benefit Accrual $129,500 / $185,000 =.70 $55,000 X.70 = $38,500

 You must visit our office to make application for portability.  Call us for information on porting your value from your previously owned home at (850) , Ft. Walton Beach Office or, (850) , Crestview Office. Portability