Portability Calculations
Generally, there are two major components in calculating portability known as upsizing and downsizing. Here is how it works:
|
Portability |
|||
|---|---|---|---|
|
Upsizing Example
|
|||
|
Prior Home |
New Home |
||
| Market Value |
$250,000
|
Market Value |
$400,000
|
| Save Our Homes Assessment Difference |
- $100,000
|
Transfer of Assessment Difference (PORT) |
- $100,000
|
| Assessment Value |
$150,000
|
Assessed Value |
$300,000
|
|
Portability |
|||
|---|---|---|---|
|
Downsizing Example
|
|||
|
Prior Home |
New Home |
||
| Market Value |
$250,000
|
Market Value |
$150,000
|
| Save Our Homes Assessment Difference |
- $100,000
|
Transfer of Assessment Difference* (PORT) |
- $60,000
|
| Assessment Value |
$150,000
|
Assessed Value |
$90,000
|
*Note: The amount Save Our Homes Assessment Difference transferred is apportioned at 60%. Here is how it is calculated: 150,000 / 250,000 x 150,000 = $90,000 (New Assessed Value). Also, Portability benefits may be reduced if the benefit is split among multiple homestead owners and the maximum amount of Save Our Homes Assessment Difference that can be transferred is limited to $500,000.