Portability Calculations
Generally, there are two major components in calculating portability known as upsizing and downsizing. Here is how it works:
Portability Upsizing Example
The entire amount of the Save Our Homes Assessment Difference (up to $500,000) is transferred.
|
Prior Home |
|
|---|---|
| Market Value | $250,000 |
| Save Our Homes Assessment Difference | -$100,000 |
| Assessment Value | $150,000 |
|
New Home |
|
|---|---|
| Market Value | $400,000 |
| Save Our Homes Assessment Difference | -$100,000 |
| Assessment Value | $300,000 |
Portability Downsizing Example
Portability amount is scaled down in proportion to how much smaller the new property is.
|
Prior Home |
|
|---|---|
| Market Value | $250,000 |
| Save Our Homes Assessment Difference | -$100,000 |
| Assessment Value | $150,000 |
|
New Home |
|
|---|---|
| Market Value | $175,000 |
| Save Our Homes Assessment Difference | -$70,000 |
| Assessment Value | $105,000 |
*Note: The amount Save Our Homes Assessment Difference transferred is apportioned at 60%. Here is how it is calculated: 175,000 / 250,000 x 150,000 = $105,000 (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.