January 29, 2008 the amendment one law when into effect in Florida with much controversy. How does amendment one affect you today as a homeowner. Below please fine an example using the property tax portability.
Example one: Moving up – Seller selling and purchasing at a higher value.
Your current home
$575,000.00 Market Value
-$450,000.00 Assess Value
$125,000.00 Portable taxes saving (maximum portability cap at
$1,000,000.00 Market Value
$ 125,000.00 Portable taxes saving
- $50,00.00 New Homestead exemption
= $825,000.00 New Taxable value
X 0.020 (this is the average Millage however you can find
your City Millage table at:
To find your Market value and your assess value you need to look at your Trim Notice that is sent to you in August each year or you can go to www.miamidade.gov then go to property search click on the Green button in the middle of your screen on the next screen put your name or your address then you will find your current market value and assess value.
This is the formula to calculate the new assessed value when purchasing a less expensive home.
New market value
Divided by hold house market value
Times the old assessed value
Equals the new assesses value.
Minus New Homestead exemption
New assessed value times Millage rate equals new taxes
Remember that the portability CAP is $500,000.00 and you have two years to purchase a new property and it is retroactive to 2007.
Please visit www.miamidade.gov/pa for further assistance in calculating your taxes for portability; For all you Real estate needs,
please contact me at your earliest convenience.