This on-line instrument helps Florida owners decide the potential financial savings they will understand when shifting from one property to a different by transferring their “Save Our Houses” evaluation limitation. It permits customers to enter the assessed worth of their present residence and the market worth of a brand new potential residence to estimate the taxable worth distinction and the ensuing property tax financial savings. For instance, a house owner promoting a property with a considerably decrease assessed worth as a result of Save Our Houses cap can apply a portion of that distinction to scale back the taxable worth of a brand new, dearer property.
Transferring accrued financial savings in property taxes affords owners vital monetary benefits, facilitating strikes throughout the state with out going through a considerable enhance in property taxes. This portability, enacted in 2008, encourages housing market exercise and permits people to improve or downsize their properties primarily based on their wants with out being penalized by increased tax assessments. Earlier than its implementation, owners typically felt locked into their present properties as a result of potential tax implications of relocating.
