Florida Property Tax Amendment 1
Frequently Asked Questions
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Q. I sold my homestead in 2006 and I had a large CAP. Do I qualify
for portability?
A. Unfortunately no. The law only allows
portability for property that had a homestead from 2007 forward.
Homesteads sold in 2006 or prior do not qualify.
Q. I sold my home in 2007 and purchased a
new home and filed for homestead
for 2008. Do I qualify for portability?
A. If you had homestead exemption on January
1, 2007, and are applying for a new homestead exemption for 2008, then
you may qualify for portability.
Q. If I sell my home in 2008 (this year)
and purchase a new homestead in 2008 (this year), would I be able to
transfer my CAP to the new homestead in time to reduce my tax bill for
2008?
A. No. If you sell (or abandon) your
homestead in 2008 and apply for a new homestead in 2008, your CAP
portability would be applied in 2009.
Q: Do I have to sell my home before I can
qualify for portability?
A: No, you only need to abandon your
existing homestead, meaning you may still own the property but no longer
receive a homestead exemption on the property for the year you are
attempting to get portability.
Q: Do I have to purchase a new property
to get the portability benefit?
A: No, if you already own another property
(2nd home, beach house, etc.) and establish your new homestead for 2008,
you can remove the homestead from the old property and apply for the
portability benefit.
Q: When do I apply for portability?
A: You apply for portability when you apply
for the homestead exemption. There is a separate application for
portability in addition to the homestead application.
Q: How do I apply for portability?
A: Fill out the
DR-501T “Transfer of Homestead Assessment Difference” application
when you file an application for your new homestead exemption. If you
have already applied for the homestead exemption, you can download the
application from our website, complete and submit it to the Property
Appraiser’s office.
Q: Can I also apply for additional
exemptions such as widows/widowers, disability or Senior exemption if I
have portability?
A: Yes. You still can apply and receive any
additional exemption for which you are qualified.
Q: What is the maximum amount I can
transfer or carry to my new property?
A: The maximum CAP amount you can transfer
is $500,000.
Q: How is the Save Our Homes CAP
calculated?
A: The amount of the CAP is the difference
between your Just (Market) Value and your Assessed Value. If you have
lived in your home for a while, your assessed value will likely be lower
than your market value. The difference between the market value and your
assessed value is often called the “CAP differential” or “CAP savings”.
The amount of the CAP can vary from year to year depending on the value
of your property.
Q: How do I know how much CAP I have to
transfer or carry to my new homestead?
A: The amount of the CAP you can carry to
your new homestead depends on whether you “up-size” (buy a higher valued
property) or “downsize” (buy a lower valued property). The exact amount
will be determined after you file for homestead on your new residence.
Q. I still have other questions about
portability. Is there a source for more detailed information?
A. Yes, you can obtain more information from
the
Florida Department of Revenue website
This information is from the
Hillsborough County Property Appraiser website. |
