Understanding Portability

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Information about Understanding Portability

Published on January 14, 2009

Author: EXPOsYourself

Source: authorstream.com

UNDERSTANDING PORTABILITY : UNDERSTANDING PORTABILITY And Other Tax Benefits Vote - January 29, 2008 : Vote - January 29, 2008 Save Our Homes Portability Tangible Personal Property Exemption Assessment Cap on Non-Homestead Properties Save Our Homes Portability : Save Our Homes Portability Q: What is Save Our Homes (SOH)? A: An assessment cap on all homestead properties of 3% or Consumer Price Index (CPI) (whichever is less) beginning from the base year. Base year – the year in which the property owner applies for homestead exemption (Deadline: March 1st.) SOH Cap Differential & SaleSOH – Effective Date Jan. 1, 1995 : SOH Cap Differential & SaleSOH – Effective Date Jan. 1, 1995 Building Equity and Cap Differential : Building Equity and Cap Differential Portability – Up Sizing in Value : Portability – Up Sizing in Value Market Value – Assessed Value = Portable Tax Savings Portability – Downsizing in Value : Portability – Downsizing in Value Assessed Value / Market Value = Percentage of SOH Saving to be Applied to New Property How SOH Portability Works : How SOH Portability Works :  How SOH Portability REALLY Workswww.miamidade.gov/pa SOH Portability - Effective Date Jan. 1, 2008Sale Transaction - Effective Date Jan. 1, 2007 Tangible Personal Property Exemption : Tangible Personal Property Exemption Starting with the 2008 tax bill, businesses will be exempted up to $25,000 in assessed value for tangible personal property tax. Slide 11: What is tangible personal property? Slide 12: What is tangible personal property? Furniture, fixtures and equipment located in businesses and rental property. It also applies to structural additions to mobile homes. Assessment Cap on Non-Homestead Properties : Assessment Cap on Non-Homestead Properties Beginning with the 2009 tax bill, all non-homestead properties will have a 10% assessment cap.

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