Portability and homestead and what you need to know
The concepts of real estate portability and homestead are key aspects of property tax laws in some jurisdictions, notably in states like Florida. Here's an overview of each:
Real Estate Portability
Real estate portability, particularly in the context of Florida, refers to the ability of homeowners to transfer some or all of their accrued property tax benefits from one home to another within the state. This concept is part of Florida's Save Our Homes (SOH) benefit.
Key Points:
Save Our Homes Cap: Limits the annual increase in the assessed value of homestead property to 3% or the rate of…
The skinny
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