Amendment 1: Property Tax Savings

Beginning in 2008, homes with an assessed value of $75,000 or greater will enjoy a $50,000 homestead exemption.

Also beginning in 2008 is the new Save Our Homes portability benefit. The portability benefit transfers the dollar benefit of the homestead property assessment limitation known as the “Save Our Homes benefit” from a prior homestead to a subsequent homestead. The portable amount is the difference between market value and assessed value. Orange County Property Appraiser

In Orange county, resale of a home triggers reassessment by the county (higher property value = higher property tax). For homeowners who have enjoyed comfortable property taxes for many years and are hesitant to lose that in the purchase of a new home, this portability benefit may be an opportunity for you. With the portability benefit, you “port” your Save Our Homes benefit from home A to home B (you don’t pay property tax on this amount). This may help take the bite out of buying a new home and the resulting change in your property taxes.

For my own east metro Orlando home, my portability benefit today is $22,000. If I purchase a new home this year, I can “port” this $22,000 property tax exemption to my new home and not pay property tax on this amount.